Cloud security provider Upwind has closed a $400 million Series C funding round, bringing its valuation to $3.8 billion.
Led by Bessemer Ventures, the round follows significant growth for the firm, which is currently focused on AI-powered cloud infrastructure security.
With an estimated $90 million in annual recurring revenue expected by year-end, the company has also confirmed it recently declined an acquisition offer from Datadog that failed to surpass its current market valuation.
The funding process
The latest funding round was led by Bessemer Venture Partners, with participation from Greylock Partners and Craft Ventures. It comes just nine months after Upwind’s previous funding round, in which the company raised $250 million. Estimates suggest the company is on track to reach $90 million in annual revenue by the end of the year.
The acquisition proposal from Datadog
Before completing this deal, Upwind accepted a takeover offer from Datadog. However, Upwind management rejected the offer, as the offered price was no higher than the $3,8 billion valuation set by investors.
The company was founded by Amiram Shachar, who previously sold Spot.io to NetApp for $450 million.
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