Analysis
Upwind Security has raised $400 million in a Series C led by Bessemer Venture Partners at a $3.8 billion valuation, the cloud and AI security startup said, extending the exact valuation it disclosed in September as the company says its revenue quadrupled during 2026. The new capital will go toward product development and expanding its go-to-market team.
Canapi Ventures joins as a new backer in this close, alongside existing investors Cyberstarts, Greylock Partners, Craft Ventures, Leaders Fund, Salesforce Ventures, TCV, Alta Park Capital, Penny Jar Capital, Cerca Partners, Swish Ventures and Picture Capital.
What Upwind Security does
Founded in 2022 by chief executive Amiram Shachar along with Tal Zur, Lavi Ferdman and Liran Polak, Upwind runs a combined cloud-and-AI security platform that pairs runtime intelligence across cloud workloads, APIs and AI agents with a newer line of AI agents built to investigate threats and remediate infrastructure risk on their own. The platform supports AWS, Microsoft Azure, Google Cloud Platform and Oracle Cloud Infrastructure, and is also sold through an AWS Security Hub integration with unified console billing.
Upwind counts hundreds of customers, including Siemens, Roku, Carvana, Nubank, Supabase and ClickUp. "Upwind gives us the exact visibility and context we need to stay ahead of cloud threats with complete confidence," said Tushar Dalvi, deputy chief information security officer at Confluent.
Upwind's funding history
- January 2026 -- Series B, $250 million at a $1.5 billion valuation, led by Bessemer Venture Partners with Picture Capital participating.
- September 2026 -- same round, reported mid-raise at $300 million at a $3.8 billion valuation, disclosed alongside 900% year-over-year revenue growth and a doubled customer base.
- October 2026 -- that round closed as a Series C at $400 million, at the same $3.8 billion valuation, led again by Bessemer with Canapi Ventures joining as a new investor.
Upwind's valuation has held flat at $3.8 billion since September even as the dollars raised have grown, bringing combined disclosed capital since January to roughly $650 million. Pulse previously covered the September figure when it first emerged.
Who invested in Upwind
Bessemer Venture Partners led both the January Series B and this latest close, an unusual continuity for one firm over a single calendar year. Canapi Ventures is the only investor named as new to this specific round; every other backer -- Cyberstarts, Greylock Partners, Craft Ventures, Leaders Fund, Salesforce Ventures, TCV, Alta Park Capital, Penny Jar Capital, Cerca Partners, Swish Ventures and Picture Capital -- had already participated in an earlier Upwind round.
Cloud security's market and competitors
Upwind sells into a cloud-native application protection market industry researchers size at $2.81 billion in 2025, growing toward $19.93 billion by 2034 at a 24.3% annual rate, according to TrendX Insights.
The category's defining exit remains Wiz: Google closed its $32 billion acquisition of the cloud-security startup in March 2026, per Sacra.
Wiz had last raised $1 billion privately in May 2024 at a $12 billion valuation before that deal, resetting expectations for what a cloud-security platform can be worth at scale. Upwind's own pitch -- extending runtime visibility into autonomous AI-agent behavior -- targets the same enterprises now wrestling with agentic deployments.
What a flat valuation misses
Two disclosed raises in ten months at an unchanged $3.8 billion valuation is not the same story as a markup. Bessemer and the existing syndicate appear to be funding growth rather than repricing it, which can mean either patient conviction or a round that needed more capital than the business alone could justify at a higher number. However, Upwind has not disclosed absolute revenue figures behind its "quadrupled" claim, so the multiple is measured against an unstated base. For founders and later-stage investors watching the cloud-security category, the read is that even a fast-growing, well-capitalized leader is choosing capital-efficiency signaling over a fresh markup right now.