Upwind raises $400 million Series C at $3.8 billion valuation, led by Bessemer

Upwind, the cloud security startup based in San Francisco and Tel Aviv, has raised a $400 million Series C at a $3.8 billion post-money valuation, according to CEO Amiram Shachar. Bessemer Venture Partners led the round, in what is the latest Upwind Series C funding headline in cybersecurity.

The size of the round matters because it shows that venture investors are still committing large amounts to security tools aimed at live cloud environments and AI agents. For markets and investors, it is a data point on how highly private cybersecurity companies are being valued as AI workloads spread.

What happened

Upwind closed a $400 million Series C led by Bessemer Venture Partners at a $3.8 billion post-money valuation, according to Shachar. Canapi Ventures also took part in the round.

Several earlier investors joined as well. The list includes Cyberstarts, Greylock Partners, Craft Ventures, Leaders Fund, Salesforce Ventures, TCV, Alta Park Capital, Penny Jar Capital, Cerca Partners, Swish Ventures and Picture Capital.

Before the round closed, one financial news service had reported that the company was raising fresh financing. It described Upwind as a startup offering cybersecurity for artificial intelligence and cloud applications.

• Round: Series C, $400 million
• Valuation: $3.8 billion, post-money
• Lead investor: Bessemer Venture Partners
• Other new investor: Canapi Ventures
• Returning investors: Cyberstarts, Greylock Partners, Craft Ventures, Leaders Fund, Salesforce Ventures, TCV, Alta Park Capital, Penny Jar Capital, Cerca Partners, Swish Ventures, Picture Capital

What does Upwind actually do?

Upwind develops software that monitors live cloud environments and AI agents. The aim is to prioritize vulnerabilities and detect attacks as they happen, rather than relying only on static scans.

This approach is often described as runtime-first cloud security. The company is four years old and operates from San Francisco and Tel Aviv, which places it among Israel-linked cybersecurity startups that have reached a multibillion-dollar valuation.

How does the round fit the cloud security market?

The cloud security market has been shaped by large deals. An Israeli business daily, in an interview published on 28 May 2026, said Shachar had presented Upwind as a contender in a market that Wiz opened up. The article referred to the sale of Wiz to Google for $32 billion.

In that interview, Shachar said the Wiz sale proved there is no glass ceiling in this market. The same report said he had previously completed an earlier sale worth $450 million and named a goal of $100 million in annual revenue run rate. It also mentioned interest from Amazon and Microsoft, and the daily attributed these details to the interview and not to company filings.

These are statements by the founder and the publication. They are not independent confirmation of revenue or of any customer demand, and the funding announcement figures published so far concern the round and the valuation.

That is a translation of Shachar's remark, so it is reported here as indirect speech: he said the Wiz sale showed the market has no upper limit for ambitious players.

Why it matters

The round matters because a $3.8 billion valuation four years after founding places Upwind among the better-funded names in cloud security. It also gives the company a large amount of capital to compete in a segment where AI agents and cloud workloads create new areas to defend.

For investors, the participation of Bessemer Venture Partners as lead, alongside returning backers such as Greylock Partners, Cyberstarts and Salesforce Ventures, signals continued support from existing holders. Those investors chose to stay in the company at the higher price.

The deal also feeds into a wider picture of cybersecurity venture capital rounds, where AI security is a recurring theme. The sources do not give comparable figures for other rounds, so no wider ranking is made here.

What are the risks and open questions?

Several points remain open. The reports available do not give Upwind's current revenue, its customer count or the exact use planned for the new capital. The revenue run-rate goal of $100 million comes from an interview with the founder and is a target, not a result.

Competition is also a factor. The Israeli daily framed Upwind as a challenger to Wiz, which now belongs to Google, so the company faces a rival with large resources behind it. Interest from large technology groups, as mentioned in the interview, does not amount to an offer or a deal.

Valuations in private markets also depend on later rounds or on a sale or listing, and none has been announced for Upwind.

What to watch next

The next steps for Upwind are operating ones, and the sources name no dated catalysts. The following points are the items to follow, based on what has been reported.

• Whether Upwind discloses revenue or customer figures against the $100 million annual run-rate goal Shachar described in May 2026.
• How the company deploys the $400 million, including product work on AI agent security.
• Any further funding rounds, sale talks or listing plans, none of which has been announced.
• How rivals in cloud security, including Wiz inside Google, respond in the same segment.

Further disclosures from the company or its investors would help to show whether the $3.8 billion valuation is matched by growth.