Startup News: Fast-growing Wiz gearing up to hit $1B in annual recurring revenue

Wiz, a cloud-security startup, has reached $350 million in annual recurring revenue and a remarkable $10 billion in valuation in the four years since its 2020 founding.

Tel Aviv-based Wiz is now gearing up for the ambitious goal of scaling to $1 billion in annual recurring revenue or ARR.

To help achieve that goal, the company announced last week that it hired Dali Rajic as Wiz’s president and chief operating officer, the company’s top executive behind CEO and cofounder Assaf Rappaport.

Rajic, a tech industry veteran, “will oversee Wiz’s growth strategy and operating models and help steer the company through the next phases of its rapid growth on the road to IPO,” the release said.

Wiz is in the process of adding to its current base of over 900 employees spread throughout the United States, Europe, Asia, and Israel.

Among some of Wiz’s customers are Salesforce, Slack, BMW, Avery Dennison, Priceline, Cushman & Wakefield, and DocuSign. Wiz has received financial backing from investors including Sequoia, Index Ventures, Insight Partners, Salesforce, Blackstone, Advent, Greenoaks, and Lightspeed.

The company achieved its $10 billion valuation in February 2023.

KoBold metals discovers big copper deposit with AI help

KoBold Metals has gained attention in part because of its high-profile investors. Among the venture capitalists behind the San Francisco-based high-tech mining exploration company are Breakthrough Energy Ventures, which is backed by Bill Gates and Jeff Bezos, Andreessen Horowitz, and mutual-fund giant T. Rowe Price.

Last week, the company gave those investors something to cheer about. A spokesperson for KoBold Metals told CNBC that the company has discovered a major copper deposit in the African nation of Zambia, adding that the find at its Mingomba project will be “one of the world’s biggest high-grade copper mines.”

According to an article on the CNBC website, the rare discovery of a large-scale copper deposit could help in the global race to secure a supply of materials critical to the energy transition from fossil fuels to more sustainable, lower-carbon fuels. Copper is a key component of the world’s push toward a greener economy due in part to its use in electric vehicles. Founded in 2018, Kobold has developed AI technologies to help in the discovery of deposits of metals and minerals such as cobalt, nickel, copper, and lithium. As of June 2023, the company was valued at $1.17 billion.

Founded in 2018, Kobold has developed AI technologies to help in the discovery of deposits of metals and minerals such as cobalt, nickel, copper, and lithium. As of June 2023, the company was valued at $1.17 billion.

EnergyX acquired by Apogee Interactive

Energy X Solutions has an unusual niche in the energy industry. The Toronto-based company provides software that allows electric utilities to leverage data science to increase customer participation in energy efficiency programs.

And this specialty is of value to Apogee Interactive, which announced last week that it is purchasing EnergyX. The acquisition is Apogee’s third in the last 12 months, “building on its strategy to offer the first complete suite of solutions that will enable utilities to more broadly engage with their customers and drive better program adoption,” Apogee said in its press release.

Founded in 1993, Apogee, which is based in Atlanta, Georgia, is a provider of customer engagement software for utilities. EnergyX's main technology, known as RetrofitAI, allows utilities to perform cost-effective virtual audits at scale across their entire service territory resulting in increased customer segmentation and energy efficiency.

About the Author

John Kimelman is a veteran journalist who has worked at Barron’s and CNBC covering such topics as investing and commercial banking. Mr. Kimelman has received compensation from Forge Global, Inc. for authoring this article. Read more from John.

Please Read These Important Legal Notices & Disclosures

The information and material presented in this article is provided for your informational purposes only and does not constitute an offer by Forge Global, Inc., Forge Securities LLC or any of its affiliates (collectively, "Forge") to sell, or a solicitation of an offer to buy any securities and may not be used or relied upon in connection with any offer or sale of securities. An offer or solicitation can be made only through the delivery of final offering document(s) and purchase agreement and will be subject to the terms and conditions and risks delivered in such documents.

To the extent information about or defining specific terms is provided herein, Forge makes no representations as to its accuracy and has no duty to update such information. Such information is based on Forge’s experience and the meanings and connotations of terms as Forge typically uses and interprets them. Others may construe such terms differently, and you should do your own research and consult with financial, legal and tax professionals regarding any such concepts included herein.

This article does not constitute an offer to provide investment advice or service. Registered representatives of Forge Securities LLC do not (1) advise any member on the merits or prudence of a particular investment or transaction, or (2) assist in the determination of fair value of any security or investment, or (3) provide legal, tax, or transactional advisory services. Securities referenced in this article may be offered by Forge Securities LLC, member FINRA/SIPC.

Forge Securities LLC is a wholly owned subsidiary of Forge Global, Inc. Certain affiliates may act as principals in such transactions. Forge Data LLC is an affiliate of Forge Global, Inc. and Forge Securities LLC.

Investing in private company securities is not suitable for all investors. An investment in private company securities is highly speculative, involving a high degree of risk, and investors should be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid and there is no guarantee that a market will develop for such securities. Each investment also carries its own specific risks and investors should conduct their own, independent due diligence regarding the investment, including obtaining additional information about the company, opinions, financial projections and legal or investment advice. Accordingly, investing in private company securities is appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment. Past performance Is not indicative of future results.