Hitting $100M ARR is a rare and significant achievement for any software company, but when that milestone is passed only 18 months after hitting $1M, that's cause for real celebration. Insight is proud to share that our portfolio company Wiz accomplished that feat this month, making them one of (if not the) fastest software companies to pass nine-figures of ARR in history. We've had the privilege to be part of the journey since the Series A in late 2020 (around the time when first customers were going into production), so we wanted to reflect on some of the key ingredients that have gone into making a truly generational software business:
Unwavering focus on value
From day one, Wiz's product roadmap has been relentlessly focused on delivering value to customers and doing it quickly. That mindset starts at deployment, where Wiz's agentless, API-centric approach enables implementation in minutes rather than weeks or months. Another example is the Wiz Security Graph. Rather than sending more contextless noise to already-overwhelmed security teams, the Security Graph leverages data from across enterprises' IT environments to prioritize risk and identify the most impactful areas of vulnerability. By coupling these technological innovations with an intuitive UI, Wiz has become a mission-critical, daily-use platform for security and cloud teams.
Pace of innovation
Though the early core product features provided a step-function improvement in cloud security out of the gate, Wiz has never stopped pushing the envelope in product capabilities. The commitment to continuous innovation has been driven into the company culture from the top down and can be seen in the pace and scope of Wiz's product roadmap. That innovative ethos is also evident in Wiz's refusal to be constrained by typical security category labels. For example, the recently released Cloud Detection and Response product brings the power of Wiz to all stakeholders in cloud security (developers, security teams, and defenders) rather than limiting itself to a single group.
Wiz's accomplishments can be traced back to the founders Assaf, Yinon, Roy, and Ami who married a strong vision with deep industry expertise and operational rigor to hyper-scale the organization. After identifying a gap in the cloud security market, the team leveraged their experience and history of success at their previous startup Adallom to build an amazing product in a short amount of time. In parallel, they brought on experienced industry execs like CMO Ryan Carlson, CISO Ryan Kazanciyan and CRO Colin Jones to build a world-class leadership team. And perhaps, most impressively, the founding team has been able to instill a pervasive culture of innovation as the company grew from under 50 employees when Insight invested to over 500 today.
While passing $100M ARR is an amazing milestone, we believe the Wiz story is still in its early chapters. As enterprises continue to invest in their transitions to the cloud, having a strong partner in securing the full footprint will become more and more critical. Wiz's rapid pace of innovation and world-class team position them well to be the de facto cloud security platform, and we at Insight couldn't be more excited to support them on that next stage of the Scale-Up journey. Congratulations again to the Wiz team!