Israeli tech’s top 10 funding rounds of 2024: Wiz sets another record
Israeli tech’s top 10 funding rounds of 2024: Wiz sets another record
Wiz continues to dominate, while companies like Cyera and Armis prove Israeli startups are thriving despite challenges. Local companies secured 20 "mega rounds" (over $100 million) in total.
You might think that raising funds would be far from straightforward for Israeli startups during a year marked by war on multiple fronts. However, 2024 defied expectations, with Israeli companies securing 20 "mega rounds" (over $100 million), including a record-breaking $1 billion round by Wiz and Cyera raising two separate $300 million rounds in the same year.
Listed below are the 10 companies that raised the largest funding rounds in 2024. Honorable mentions go to the nine companies that didn’t make the top list but still raised $100 million or more, including: Hailo ($120M); Silverfort ($116M); Exodigo ($105M); Magenta Medical ($105M); Claroty ($100M); FundGuard ($100M); Coro ($100M); DoorLoop ($100M); and Upwind Security ($100M).
Wiz continued to cement its position as Israel’s most promising startup in a remarkable 2024. It completed the biggest funding round in Israeli history when it netted $1 billion in May, it rejected a reported $23B offer from Google in July, and it also completed two purchases, a $450M acquisition of Dazz and a $350M acquisition of Gem Security. Since its founding, Wiz has raised $1.9 billion, achieved $500 million in annual recurring revenue (ARR), and serves approximately 45% of Fortune 100 companies.
Wiz, which led the mega round list last year with a $300M round, was founded by Assaf Rappaport (CEO), Yinon Costica (VP of Product), Ami Luttwak (CTO), and Roy Reznik (VP of R&D). The founding team has worked together for over 20 years, including leading Microsoft’s cloud security group, which acquired their previous startup, Adallom, for $320 million.
One of the most incredible stories of the year came courtesy of Cyera, which completed two $300 million rounds within seven months. The cybersecurity company raised $300 million in a Series D funding round at a valuation of $3 billion in November. The fundraising was led by Accel and Sapphire Ventures, with participation from existing investors including Sequoia, Coatue, Redpoint, and Georgian. In its previous funding round in April 2024, Cyera raised $300 million at a valuation of $1.4 billion.
Since its founding in 2021, Cyera has raised approximately $760 million in total. The company was founded by Yotam Segev, who serves as CEO, and Tamar Bar-Ilan, the CTO. Both Segev and Bar-Ilan are graduates of the IDF’s Talpiot program and Unit 8200.
Axonius, which develops solutions for cybersecurity asset management and SaaS management, announced in March that it secured $200 million in a Series E extension funding round led by Accel and Lightspeed Venture Partners. Existing investor Stripes also participated.
Founded in New York City in 2017 by Israelis Dean Sysman (CEO), Ofri Shur (CTO), and Avidor Bartov (Chief Architect), Axonius' software helps IT and security teams manage their IT environments, including devices, users, software and cloud services, so they can mitigate threats and manage security risks.
Armis Security announced in October the completion of a $200 million Series D funding round, at a company valuation of $4.3 billion—a $900 million increase since its previous round two years earlier. The round was led by General Catalyst and Alkeon Capital, along with existing investors Brookfield and Georgian, joining the company's other backers, which include Insight Partners, CapitalG, and One Equity Partners.
Founded by Yevgeny Dibrov (CEO) and Nadir Izrael (CTO), Armis currently employs around 750 people globally, including in Israel. The Armis platform enables businesses to monitor, secure, and manage their critical assets—ranging from IT and OT systems to medical devices, cloud infrastructure, and software.
Cybersecurity startup Island, which develops a secure enterprise browser, raised $175 million in a Series D financing round in April, doubling its valuation to $3 billion. Island, which raised $100 million in a Series C at a $1.5 billion valuation just six months earlier, took its total funding to date to $487 million.
The round was led by new investor Coatue and existing investor Sequoia Capital and also included other existing investors such as Insight Partners, Stripes, Georgian, and Prysm Capital.
Healthcare company Insightec, which uses focused ultrasound to provide tremor treatment to patients, announced it raised $150 million in equity financing in June. The round was led by Fidelity Management & Research Company and co-led by Nexus Neurotech Ventures and Ally Bridge Group. New investors included Baillie Gifford, Catalio Capital Management, Fayez Sarofim & Co., and Gilmartin Capital, with affiliates of York Global Finance / Community Fund and Perceptive Advisors, also participating.
After raising $250 million three years ago at a valuation of $4 billion, fintech company Melio secured $150 million in a Series E funding round in October at a $2 billion valuation.
Despite the valuation cut, the Israeli fintech is estimated to have registered a tenfold revenue increase since its previous round in August 2021. Last year, Melio crossed the $100 million mark in annual recurring revenue (ARR), reaching it within three years of achieving $10 million in revenue.
This Series E round was led by digital banking services giant Fiserv, with participation from Shopify, Capital One, Frontline Ventures, and existing investors Accel, Bessemer, Coatue, General Catalyst, Latitude, and Thrive Capital.
AI-native data platform WekaIO (WEKA) raised $140 million in a Series E funding round in May consisting of a combined primary and secondary transaction led by Valor Equity Partners, a previous investor in the company.
The round brought WEKA’s post-money valuation to $1.6 billion, up from $750 million in its previous funding round in November 2022. The secondary portion of the round is estimated at $40 million, with the company to net approximately $100 million. To date, the company has raised about $375 million.
Founded in 2013 by Israeli entrepreneurs Liran Zvibel, Maor Ben-Dayan, and Omri Palmon, WEKA has developed a data platform for AI infrastructure with a cloud and AI-native architecture that provides data portability across on-premises, cloud, and edge environments.
Guesty, which has developed a property management software platform for the short-term rental (STR) and hospitality industry, announced in April a $130 million Series F funding round led by global investment firm KKR. Inovia Capital, together with existing investors Apax, MSD and Sixth Street, also joined the round.
Guesty didn’t reveal its valuation in the round, but it is estimated at $900 million, a significant increase from its $170 million Series E in August 2022. The company’s ARR is currently estimated at $100 million, with $4 billion worth of deals going through its platform.
Israeli cybersecurity company Semperis announced in June that it had raised $125 million in funding from J. P. Morgan and Hercules Capital at a valuation of over $1 billion. Semperis raised a $200 million Series C two years ago.
Semperis, which is headquartered in Hoboken, New Jersey, was founded in 2013 by CEO Michael Brezman, Chief Technology Officer Guy Teverovsky, and Matan Liberman, who serves as executive vice president of business development and leads the company’s Tel Aviv branch.
