The RSA Conference in San Francisco has run since 1991 and has become a tradition in the cybersecurity industry, highlighting the market’s most interesting trends, companies, and deals. This year, it seemed that Wiz ’s gigantic funding round stole the show.
There are reasons for the large round and valuation. The company has reported more than $350 million in annual revenue. Wiz has an All-Star team. The company was co-founded in 2020 by CEO Assaf Rappaport, Yinon Costica, Ami Luttwak and Roy Reznik. The same team founded Adallom, which was sold to Microsoft for $320 million in 2015. The same team also led Microsoft Azure’s Cloud Security Group. Lately it has been rolling up other cybersecurity companies such as Gem Security and Rafft.
There are several reasons why you might question the deal and the timing. First, it runs counter to macro trends in venture capital of lower funding and lower valuations . Secondly, it seemed a bit tone-deaf. Many startups have been laying off workers or at least retrenching, and Wiz’s announcement seemed out of place. Fourth, the comparison with Lacework is fresh in people’s minds. Fifth, Wiz has an, which has sued it for intellectual property theft.
VC funding fell 15% in the fourth quarter of 2023, compared to the same period in 2022, according to Bain and Company. That was the lowest level since 2020. Why do threats keep rising? One key driver is the logarithmic increase in connected devices and cloud services. New research from runZero, the Cyber Asset Attack Surface Management report, looked at the expanding attack service due to the convergence of information technology and operational technology , driving an expansion of high-value technology asset targets.
“It’s all about the convergence of networking and security,” Aryaka Networks CEO Shailesh Shukla told me in an interview. We’ve done the hard part, which is the global infrastructure. So now we have built and will continue to offer more integrated security services as part of it.”RSAC highlighted other key trends, such as—of course—AI.
Source: Financial Digest (financialdigest.net)
Lacework Palo Alto Networks Assaf Rappaport Nikesh Arora RSA Conference
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