Upwind Security has expanded its latest funding round to $400 million, holding the $3.8 billion valuation it first announced in September — more than double the $1.5 billion mark it reached in January. The round underlines how much investors are willing to pay for security built for cloud and AI systems that change faster than traditional tools can scan them.
October 28, 2026
What happened
Bloomberg reported on October 28 that Upwind, the San Francisco-based startup offering cybersecurity for artificial intelligence and cloud applications, has secured $400 million in fresh financing at a $3.8 billion valuation. CTech reported the same day that the figure is an expansion of the round Upwind announced in September, which stood at $300 million at the same valuation.
Bessemer Venture Partners led the investment, with TCV co-leading the September tranche. The expanded total adds Canapi Ventures and existing investors, according to CTech. Other backers in the round include Cyberstarts, Greylock Partners, Craft Ventures, Leaders Fund, Salesforce Ventures, Alta Park Capital, Penny Jar Capital, Cerca Partners, Swish Ventures and Picture Capital. Bloomberg reports the company has now raised $830 million in total since it was founded in 2022.
The company behind the round
Upwind was founded in 2022 by Amiram Shachar and his former partners at Spot.io, the cloud-cost company NetApp acquired for $450 million in 2020. Upwind’s pitch is “runtime-first” security: instead of relying mainly on static scans of stored configurations, its software monitors cloud environments in real time to identify vulnerabilities and threats in live systems — the ones attackers can actually exploit.
The business is growing into the valuation. CTech reported that Upwind’s annual recurring revenue has exceeded $50 million, up from approximately $20 million at the end of 2025. In September the company also acquired Israeli startup Aegis in a stock-based deal reportedly worth tens of millions of dollars, and set up Upwind AI Labs to focus on threats targeting AI systems and AI-driven workflows. The expanded raise comes amid reports that US software company Datadog had considered acquiring Upwind.
Why it matters
Security for AI infrastructure is becoming its own funding category. As companies deploy AI agents that can alter cloud environments on their own, a scanner that checks configurations once a day misses the point — the environment may not look the same an hour later. Upwind’s bet is that live, runtime context is what separates a real exposure from alert noise. A $400 million round at a valuation that more than doubled in under a year says investors think that bet is right — and that the winners in AI security will be decided while the infrastructure is still being built, not after.
Frequently asked questions
How much has Upwind raised in total?
$830 million since its founding in 2022, according to Bloomberg. The latest round now totals $400 million, expanded from the $300 million announced in September.
What is Upwind’s valuation?
$3.8 billion, set with the September announcement and held in the expanded round. That is more than double the $1.5 billion valuation the company reached in January.
What does Upwind actually do?
Upwind sells runtime-first cloud security: software that monitors live cloud workloads, APIs and AI systems in real time to find exploitable vulnerabilities and detect attacks as they happen, rather than relying primarily on static configuration scans.
Who founded Upwind?
Amiram Shachar and his former partners at Spot.io, which NetApp acquired for $450 million in 2020. Upwind was founded in 2022.
Sources: Bloomberg (via Bloomberg Law / Bloomberg Government), CTech (Calcalist)