Salesforce.com Inc. led a new funding round in the fast-growing Israeli cyber security startup Wiz, according to a person familiar with the matter.
Wiz, whose software allows clients like DocuSign Inc. and Massachusetts Mutual Life Insurance Co. to find potential risks in systems that run on cloud services, raised more than $120 million from investors, the source said.
The Tel Aviv based firm has attracted significant investment since its founding in early 2020, raising some $230 million in previous funding rounds, the last of which valued the company at $1.7 billion.
Existing investors include Greenoaks Capital, Advent International, Sequoia and Insight Partners.
Demand for cybersecurity for cloud-based services from suppliers such as Amazon.com Inc., Alphabet Inc.’s Google, and Microsoft Corp. is booming as companies seek to bolster their digital defenses against increasingly sophisticated hacks.
Global cloud management and security spending is forecast to jump to $20 billion next year, a rise of nearly 60% over the figure in 2019, according to a Gartner Inc. report from November.