# Upwind Raises $400M Series C at $3.8B Valuation as Revenue Quadruples, Six Years After Its Founder Sold Spot to NetApp > Upwind raised a $400M Series C led by Bessemer at a $3.8B valuation, up from $1.5B in January, as revenue quadrupled. Founded by Spot's Amiram Shachar. - **Author:** Swati k jagtap - **Published:** 2026-10-28 - **Updated:** 2026-10-28 - **Category:** Funding - **Editorial type:** news - **Topics:** cloud-security, ai-security, series-c, bessemer-venture-partners, cybersecurity-funding - **Canonical URL:** https://www.todaysstartupnews.com/funding/upwind-raises-400-million-series-c-3-8-billion-valuation-bessemer-cloud-ai-security ## Key takeaways - Upwind has raised a $400 million Series C at a $3.8 billion valuation, led by Bessemer Venture Partners with Canapi Ventures joining existing investors - The valuation is more than double the $1.5 billion set in January, when Upwind raised a $250 million Series B led by Bessemer - The company says revenue has quadrupled during 2026, and its chief executive told Bloomberg it is on pace for nearly $100 million in annual recurring revenue by year-end - Founder Amiram Shachar sold his previous company, Spot, to NetApp for $450 million in 2020, and Upwind employs roughly 600 people Upwind, a cloud and AI security company, has raised a $400 million Series C at a $3.8 billion valuation. Bessemer Venture Partners led the round, announced on October 28, 2026. Canapi Ventures participated 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. The valuation is more than double the $1.5 billion set in January 2026, when Upwind raised a $250 million Series B, also led by Bessemer. Globes and others reported in early September that the company was set to raise $300 million at the same $3.8 billion valuation, and the final round came in larger. According to Bloomberg, Upwind has raised about $830 million in total since its founding in 2022. Upwind says its revenue has quadrupled during 2026. Chief executive Amiram Shachar told Bloomberg the company is on pace to reach annual recurring revenue of nearly $100 million by the end of the year. The company has roughly 600 employees across the United States, Israel, Europe and Asia and is headquartered in San Francisco. Hundreds of organisations use the platform, according to the company. Customers it names include Siemens, Roku and Carvana. AWS customers can open Upwind from inside the AWS console through an integration with AWS Security Hub, and billing runs through their AWS account. Upwind's platform works from runtime data, meaning information gathered from cloud workloads, application programming interfaces and AI agents while they are running. It detects threats such as malware and unusual behaviour in cloud environments and shows where weaknesses lie. The company presents this as an alternative to security tools that rely mainly on periodic scans and separate alert streams. Shachar said Upwind was built to unify those signals so security, development and DevOps teams share one view of their cloud and AI systems, including which data each can reach. He also pointed to the speed of change that AI agents bring to company infrastructure. Agents can alter cloud environments faster than human teams can track on their own, he said, so security tools have to show how workloads, APIs and agents interact as it happens. In May, the company launched an AI Agentic Pack, which it describes as an agentic security workforce built on runtime context. Shachar cited more frequent intrusions and data breaches, along with a surge in zero-day vulnerabilities, security holes that nobody has disclosed. "The cost or the knowledge for people to start hacking or doing reconnaissance or doing manipulations or behaving maliciously is down to zero when you have an AI tool," he told Bloomberg. The company says its approach helps organisations move beyond alert management toward fixing risk before an attack, using real-time information about what is actually running. Upwind was founded in 2022 by Shachar, chief technology officer Tal Zur and Lavi Ferdman, who leads growth, according to Globes. Shachar previously co-founded Spot, a cloud infrastructure optimisation company that NetApp acquired in 2020 for $450 million. Reports say nearly all of Spot's roughly 60 employees joined Upwind. The Series C is Upwind's third major financing in under a year. It follows the $250 million Series B in January, which gave the company unicorn status. Upwind plans to put the new capital into engineering, sales and marketing, covering product development and a broader go-to-market push. The company is expanding its platform as businesses deploy more AI-powered applications and autonomous agents across cloud environments. Cloud security has drawn large rounds this year as companies add AI workloads to their infrastructure. Upwind competes in a market that already includes established vendors and other well-funded startups. The company has not disclosed its customer count, its exact revenue or any plans for a public listing. Bessemer's participation in both the Series B and Series C makes it the lead investor in each of the company's two most recent rounds.