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Cloud security startup locked up the biggest cybersecurity round of the year thus far as it raised $1 billion at a $12 billion valuation.

The round — announced as the industry’s is getting underway in San Francisco — could be another sign of investors coming back to the cybersecurity space. Cyber startups are coming off their best funding quarter in three quarters, and late last month -backed data security firm had a successful IPO.

Wiz’s latest round was co-led by , and , with participation from , and existing investors , , , , 1Ìý²¹²Ô»å .

Founded in 2020, Wiz has raised $1.9 billion, per the company.

Wiz, originally founded in Israel, has been busy of late. Just last month it acquired New York-based cloud detection and response startup . The company said the new cash infusion could be used for more deal-making.

The New York-based startup said it achieved $350 million in annual recurring revenue last year. It has .

Cyber funding

The round could be another sign funding in the cybersecurity sector is rebounding. In Q1, cybersecurity startups raised nearly $2.7 billion in 154 deals, per Crunchbase .

That dollar figure is the highest since Q1 last year, when similar startups raised just less than $2.9 billion in 228 deals. However, the Q1 2024 dollar figure represents a 69% increase from the previous quarter, when cyber startups raised just $1.6 billion in 148 deals.

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• Data Security Startup Cyera Locks Up $300M At $1.4B Valuation

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