Israel cloud security company Wiz has raised $130 million in a financing round at a company valuation of $1.7 billion. The latest financing round comes just four months after Wiz emerged from stealth and raised $100 million. The company is led by CEO Assaf Rappaport who stepped down as head of Microsoft’s Cloud Security Group in December 2019.

With offices in Tel Aviv and Palo Alto, Wiz was founded in March 2020 by CEO Assaf Rappaport, CTO Ami Luttwak, VP Product Yinon Costica and VP R&D Roy Reznik – the same team that founded Adallom, which was sold to Microsoft for $320 million in 2015.

When the company completed its Series A financing round four months ago Rappaport explained that, “Cybersecurity products for the cloud today are complex and create too many alerts for security teams. Consequently our platform continually scans the overall cloud environment including all types of computing, analyzes in depth the structure of the network as well as the access permissions in the environment and automatically builds a picture of the risks including for the security team without the need for any change in the environment itself. The system can be deployed in any cloud within minutes and substantially improves the work mode and efficiency of data security in the cloud teams.”

He told “Globes,” “This problem of data security in the cloud is not a new problem. It’s a problem that has existed for a very long time. There are many breaches in clouds and the solutions for enterprises today are very awkward and complicated for installation and use. And if that was not enough, they don’t really ultimately solve the problem and cause a flood of alerts.”

Published by Globes, Israel business news – en.globes.co.il – on March 17, 2021

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