Will startup Wiz receive $ 1.7 billion in investment?

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Date: 16.04.2021

Former Starbucks Corp. chief Howard Schultz is among the new investors in Israeli cybersecurity startup Wiz, according to people familiar with the matter.

The American billionaire invested in the last funding round, which valued the company at $1.7 billion a year after its founding, the people said, asking for anonymity because the information isn’t public. Representatives for Schultz and Wiz declined to comment.

Demand for cybersecurity for cloud-based services is booming as companies seek to bolster their digital defenses against increasingly sophisticated hacks, according to MarketsandMarkets. The global market is expected to double to $68.5 billion by 2025, the research firm wrote in July.

Wiz’s software allows clients like United Airlines Holdings Inc. and The Home Depot Inc. to find potential risks in systems that run on cloud services from Amazon.com Inc., Alphabet Inc.’s Google and Microsoft Corp.

The company raised $130 million last month from investors such as Greenoaks Capital, Advent International, Sequoia and Insight Partners, Chief Executive Officer Assaf Rappaport said in an interview.

The article was prepared based on the information: Fortune 

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