Spot.io founder’s Upwind raises $400M at $3.8B, six years after his $450M exit
Tech Funding News Sofia Chesnokova
Upwind just raised $400M at a $3.8B valuation. Its cloud and AI security pitch is now priced at about 76x revenue.
Based on reporting by Tech Funding News, Sofia Chesnokova — read the original for the full story.
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Upwind has closed a $400 million Series C at a $3.8 billion valuation, with Bessemer Venture Partners leading the round. Canapi Ventures joined too, alongside existing backers Cyberstarts, Greylock Partners, Craft Ventures, Salesforce Ventures and Picture Capital.
The number that jumps out is the gap between the price and the business. The Information says Upwind’s annual recurring revenue rose from around $20 million at the end of 2025 to more than $50 million, which puts the round at roughly 76 times ARR. The company says it quadrupled revenue in 2026, and it now claims hundreds of customers, including Siemens, Roku, Carvana, Nubank, Supabase and ClickUp.
This is Amiram Shachar’s second act after Spot.io, which NetApp bought for $450 million in 2020. Upwind was founded in 2022 by Shachar, Liran Polak, Lavi Ferdman and Tal Zur, with nearly all of Spot’s 60 people joining them. As of January, the company said it had more than 300 employees and offices in the US, the UK and Israel.
Upwind’s pitch is real-time cloud security, not the slower scan-and-report model many teams still live with. The company says it watches cloud workloads, APIs and AI agents in one place, so security teams can see what happened, what data was touched and which code path led there. It works across AWS, Azure, GCP and Oracle Cloud, and customers can buy it directly through the AWS console with unified billing.
The financing lands in a market where buyers are already circling. Datadog reportedly made a nearly $4 billion offer for Upwind earlier this month, and the company rejected it. That puts a strategic buyer and the private market at almost the same number, which is a neat little vote of confidence if you ignore the fact that the bill still has to be paid by future growth.
My take — AI-written commentary, not fact-checked reporting
This is what happens when AI security gets treated like a tax on fear: the multiple keeps getting fatter because everyone thinks the next breach will be worse than the last. Bessemer and friends are buying the story that runtime context matters more than old-school alert floods. Fair enough, but at 76x ARR, the margin for storytelling is getting awfully small.
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