SoftBank Vision Fund 2 Makes Strategic Investment in Wiz to Expand Cloud Security Offering in Asia-Pacific Region
With Asia-Pacific cloud spending projected to reach $193.7 billion by 2027, Wiz adds senior APJ leadership and eyes expansion of go-to-market efforts in region
NEW YORK, November 18, 2024 (Newswire.com) - Cloud security leader Wiz announced today that it has received a strategic investment from SoftBank Vision Fund 2 (SoftBank), as part of the company’s efforts to expand its offering into the Asia-Pacific and Japan (APJ) market. With new funding from SoftBank, Wiz aims to concentrate on APJ as a strategic destination for the company’s business expansion, as it continues to enrich its Cloud Native Application Protection Platform (CNAPP) to provide customers with the best solution for securing cloud and AI environments.
In tandem, Wiz has appointed Dmitri Chen to spearhead the company’s regional growth efforts as the Asia-Pacific (excluding Japan) public cloud services market is projected to reach US $193.7 billion in 2027, according to an IDC market forecast. Chen previously held similar leadership roles at Automation Anywhere and New Relic, and served as the COO for Dell EMC. Chen brings an extensive track record of forging deep customer and partner relationships, cultivating and developing top talent, and growing revenue year over year. He will assist in Wiz’s recruitment efforts as the company continues to make strategic hires, aiming to double the local workforce by year-end 2024.
The company has already made dozens of hires across Japan, Singapore, Australia, and New Zealand, as well as established its new data center in Sydney. In addition, Wiz already provides its CNAPP solutions to a variety of industry-leading Asia-Pacific companies.
“As we double down on our global expansion strategy, partnering with a world-class venture capital firm like SoftBank is pivotal to scaling our operations in the Asia-Pacific region,” said Dali Rajic, COO & President at Wiz. “It goes hand in hand with hiring top tier talent to oversee these expansion efforts. We look forward to collaborating closely with the SoftBank team on meeting the specific needs of this strategic market, with the mission of providing the most innovative technologies to our growing client base.”
“Many of the world’s largest companies have already recognized that cloud-native tech stacks need best-in-class cloud security from build to runtime,” said Brett Rochkind, Managing Partner for SoftBank Investment Advisers. “We believe that with its superior technology and incredible execution, Wiz is a game-changer for the cloud security market.”
Yossi Cohen, Head of SoftBank’s investments in Israel, added: “We’ve been hugely impressed by the quality of Wiz’s strategic execution within Israel and internationally. The SoftBank ecosystem provides a unique platform for Wiz to access technology leaders across Japan and the Asia-Pacific region more broadly.”
In May, Wiz announced that it raised $1 billion at a $12 billion valuation, bringing the company’s total funding to $1.9 billion. Wiz, considered the world’s fastest-growing startup in history, has announced several significant company milestones in recent months – from fundraising and two company acquisitions to pioneering research discoveries that advance cloud and AI security. Wiz now works with 45% of the Fortune 100 and was voted the #1 security product by independent customer reviews on G2.
Source: Wiz
