Wiz

Wiz is a cloud-native cybersecurity platform founded in 2020 by four co-founders, who were all veterans of a prior successful cybersecurity company exit.

It helps enterprises find and prioritise the most critical security risks across their cloud environments, mapping how different exposures combine into attack paths so security teams can focus on the issues that matter most. By 2025 it had crossed US$1bn (approximately £0.8bn) in annual recurring revenue, reaching that milestone in under five years.

Differentiated product: Wiz’s architecture addressed a clear gap: companies moving to the cloud lacked tools that could give their security teams a unified view across all their cloud environments without complex software installation.

Founder track record: The founding team had relevant prior experience, having previously built and sold a cybersecurity company to Microsoft, giving both managers confidence in management’s ability to execute.

Index Ventures: Backed Wiz from seed and participated in every subsequent funding round, with conviction in the company’s potential to lead the cloud security market.

Insight Partners: Identified Wiz during its growth phase through its proprietary outbound sourcing programme and software sector expertise, backing the company as it scaled rapidly towards US$1bn in annual recurring revenue.

Key drivers:

• Category creation at the right moment: Accelerating enterprise cloud migration created demand for tools that could provide security teams with visibility across complex, multi-cloud environments.
• Proprietary architecture: Wiz’s approach was faster to deploy and worked across all major cloud providers simultaneously, giving it an advantage over existing security tools that required more complex installation and offered narrower coverage.
• Exceptional commercial execution: Wiz scaled from approximately US$1m in annual recurring revenue at launch US$100m by 2022, US$350m by 2023, US$500m by 2024 and over US$1bn by 2025 – a trajectory that made it the fastest software company ever to reach the US$100m milestone. Its customer base grew to include Morgan Stanley, BMW and LVMH.
• Strategic scarcity at exit: As the largest independent, cloud-neutral security platform, Wiz had become a strategically critical asset for the major cloud providers. Google’s US$32bn all-cash acquisition – around 40% above an earlier approach the company declined in 2024 – reflected the premium that a scarce, best-in-class independent asset can command at exit.

Pantheon has maintained long-term primary fund and co-investment relationships with both Index Ventures and Insight Partners across many fund generations, reflecting a long-standing and well-aligned investment relationship.

Google acquired Wiz for US$32bn (approximately £24.1bn) in March 2025, closing in March 2026. PIN received approximately £26.4m in distributions across its Index Ventures and Insight Partners fund positions. On a blended basis, PIN’s combined Wiz holdings generated a gross multiple of approximately 31x.