Assaf Rappaport CEO and Co Founder Wiz (Company Photo)
Wiz, an Israeli unicorn that offers an API security platform, is proving that Israel Startup Nation is still moving forward despite the ongoing Iron Swords War in Gaza. Wiz announced that it hit $350 million in Annual Recurring Revenue (ARR) after only four years in existence.
ARR is a key metric used by subscription-based businesses to measure their predictable and recurring revenue. It represents the total amount of revenue a company can expect to receive from its customers over a one-year period, based on their current subscriptions and contracts. ARR is a backward-looking metric, meaning it only reflects the revenue that has already been contracted. However, it is an important indicator of things to come.
And for a country still reeling from the barbaric attack of October 7, in which Hamas terrorists butchered more than 1,200 innocent people including babies, any good news is great news.
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The news comes just two months after Wiz acquired fellow Israeli firm Raftt, a startup that offers a cloud-based platform for creating and sharing development environments.
Wiz was founded in March 2020 by the team that led Microsoft’s Cloud Security Group and built the security stack in Azure. CEO Assaf Rappaport, CTO Ami Luttwak, VP Product Yinon Costica, and VP R&D Roy Reznik, have worked together for more than 15 years and previously founded Adallom (acquired by Microsoft for $320 million), which is now the #1 Cloud Access Security Broker in the market.
Wiz became a super unicorn and the world’s biggest cybersecurity startup when it hit a $10 billion valuation in January. The valuation came with a $300 million raise in a Series D funding round led by Lightspeed Venture Partners and existing investors Greenoaks Capital Partners and Index Ventures. Wiz also became the fastest SaaS company to achieve a $10 billion valuation.
“Wiz has always pursued ambitious growth, setting high standards for customer value and moving extremely fast to innovate on behalf of those customers with new offerings like the Wiz Runtime Sensor and AI-SPM. The upcoming year will be no different, and we are eager to reach the future milestone of $1 billion as we look toward an IPO,” said Assaf Rappaport, CEO and co-founder of Wiz. “Zscaler presents an inspiring example of amazing technology with strong execution and a fantastic go-to-market motion. Dali has successfully scaled some of the world’s most innovative companies, and we’re thrilled to welcome him to the Wiz team.”
