US-Israeli cloud security firm Upwind raises 100 million dollars
Technology
US-Israeli cloud security firm Upwind raises $100 million
JERUSALEM (Reuters) - US-Israeli cloud security provider Upwind said on Monday it had raised $100 million in a private funding round to help it meet growing demand, as companies rapidly shift their data to the cloud.
The round was led by David Sacks' Craft Ventures, with participation from new investors TCV and Alta Park Capital and existing investors including Greylock, Cyberstarts, Leaders Fund, and Sheva, which was founded by former NBA player Omri Casspi.
Total funding since the company's inception in 2022 has reached $180 million, with the new funds mainly going towards its expansion in the U.S. and into Europe.
Upwind did not disclose its valuation but a source close to the deal said the company, founded in 2022, was now valued at about $900 million, triple the level of a year ago.
"We are a well-capitalised company and not in need of immediate funding," CEO Amiram Shachar told Reuters, adding that with cloud security in high demand, it was important to accelerate its growth now.
Just 15% of global workloads have moved from on-site to the cloud, and as a result of the expected growth "you are going to see the cloud rising in the next 10 years and probably double the market cap every few years," Shachar said.
The CEO said his focus was on growing the company into one of the largest cyber firms, which may ultimately lead to a public share offering. The market is "so big that it will allow four or five really big companies in cloud security", he said.
Shachar formerly ran the cloud for Israel's military and was an officer in its cloud unit. A windsurfer, he named the company after an upwind windsurfing technique.
