Upwind closes a $400 million Series C at a $3.8 billion valuation to secure the cloud for the AI era

Upwind said Wednesday, Oct. 28, 2026, that it raised a $400 million Series C led by Bessemer Venture Partners, less than nine months after its $250 million Series B, with reports putting its valuation at $3.8 billion.

Cloud security got very expensive after Google paid for Wiz, and Upwind is the clearest bet that there's room for another giant. The pitch has shifted from "secure your containers" to "secure the AI agents now running inside your company," which is where every security budget is heading. Turning down a reported acquisition interest and raising $400 million instead is confident; quadrupling revenue helps. The skeptic's math: $3.8 billion on roughly $50 million-plus of ARR is a big multiple, so Upwind now has to grow into a valuation that assumes it becomes the next Wiz.

Upwind announced a $400 million Series C on Oct. 28, 2026, led by Bessemer Venture Partners. A Series C is a later round of private funding, named with a letter. Every existing investor joined: Greylock Partners, Cyberstarts, Craft, Salesforce Ventures, Alta Park, Picture Capital, Swish Ventures, Cerca Partners, TCV, Penny Jar, and Leaders Fund. Canapi Ventures is new. It comes less than nine months after Upwind's $250 million Series B. Total funding is now over $800 million. Those names and those sums are from chief executive Amiram Shachar's post on the company site the same day.

Shachar wrote that the money goes to product and engineering for cloud and AI security. The work he named: AI sensors for endpoints, scanners for agents and skills, and a rebuilt inventory graph. An endpoint is a laptop or phone, the machine at the edge of the company network. An agent, here, is software that takes actions. A skill is a task that agent is allowed to do. The inventory graph is the map of what is actually running. He also named three agents already in use. Blue investigates an attack. Red tests whether an exposure can really be attacked. Green looks for the changes that would clear a pile of findings at once. "It's not about Code to Cloud anymore, it's about Endpoint to Code to Cloud." Those lines are his, on the post.

Calcalist reported the round values Upwind at $3.8 billion. A valuation is the price this financing puts on the whole company, not the size of the check. The financing was expanded from the $300 million announced in September. Calcalist reported the valuation was $1.5 billion in January and between $800 million and $900 million in late 2024. Those figures are Calcalist's.

Calcalist reported Upwind's annual recurring revenue topped $50 million, versus about $20 million at the end of 2025. Annual recurring revenue, shortened to ARR, is the subscription money that comes back each year. Upwind says revenue quadrupled this year. Calcalist also noted reports that Datadog had considered acquiring the company. The ARR comparison and the Datadog reports are Calcalist's. The quadrupled-revenue line is Upwind's.

Upwind was founded in 2022 by Amiram Shachar and his former partners from Spot.io, which NetApp acquired. It monitors cloud environments in real time. A cloud environment, here, is the rented computers and software a company runs online. Those lines are Calcalist's.

The picture is Upwind co-founder and chief executive Amiram Shachar, in glasses and a black Upwind T-shirt, holding a white surfboard with the company name, with the ocean behind him. The credit is Upwind via Calcalist (Ctech).

In plain terms, Upwind said on Wednesday that Bessemer led a $400 million Series C, less than nine months after a $250 million Series B, and that total funding is now over $800 million. Calcalist puts the price of the company at $3.8 billion, up from $1.5 billion in January, on a round that grew from $300 million announced in September. Calcalist says annual recurring revenue topped $50 million. The chief executive says the new work is securing AI from the laptop, through the code, to the cloud.