Upwind Announces $400 Million Series C, $100 Million Above September Reports

Upwind announced a $400 million Series C on Oct. 28, led by Bessemer Venture Partners, in a post by founder Amiram Shachar. Two Israeli outlets had reported a round of about $300 million at the same $3.8 billion valuation on Sept. 2, so the closed figure came in $100 million higher than the first reporting.

The valuation is not in Upwind's post at all. It comes from TechCrunch, which put the Series C at $3.8 billion and added that Upwind walked away from a Datadog acquisition offer whose size it did not disclose.

Three accounts of one round

The sources do not agree on size, leads or revenue, and none of them is a filing.

Source	Date	Round	Lead or leads
Globes	Sept. 2	about $300M, set to complete	Bessemer
CTech (Calcalist)	Sept. 2	about $300M at about $3.8B	Bessemer and TCV
Upwind blog post	Oct. 28	$400M Series C	Bessemer
TechCrunch	Oct. 28	$400M at $3.8B	Bessemer

Upwind's post lists TCV among a dozen participants, alongside Greylock Partners, Cyberstarts, Craft, Salesforce Ventures, Alta Park, Picture Capital, Swish Ventures, Cerca Partners, Penny Jar, Leaders Fund and a new investor, Canapi Ventures. It says total funding is now over $800 million. Neither the post nor either September story says whether the round was enlarged after the first reports or whether the earlier figure was simply wrong.

The prior round is also reported two ways: $250 million at $1.5 billion according to TechCrunch and CTech, and at $1.6 billion according to Globes. Using $1.5 billion, the valuation rose 2.5 times in under nine months, and Upwind says the Series B came less than nine months earlier.

What 40 times ARR means

TechCrunch reported that Upwind adds $20 million to $30 million of annualized recurring revenue (ARR) each quarter and is projected to end the year near $90 million. Divided into $3.8 billion, that is about 42 times forward ARR, which TechCrunch also framed as more than 40 times. It compared that with Cyera, which it said reportedly fetched 80 times ARR.

Globes gave a different set of numbers: under $20 million of revenue at the end of 2025, an estimate of $50 million to $60 million so far in 2026, and a possible $100 million of ARR by year end. At $100 million, the multiple is 38 times. Upwind's post gives no revenue, customer count or headcount.

1. Cyera (reported)80 x
2. Upwind on $90M ARR42 x
3. Upwind on $100M ARR38 x

Source: TechCrunch, Oct. 28, 2026 (Upwind $90M forecast, Cyera 80x as reported); Globes, Sept. 2, 2026 ($100M possible); multiples for Upwind are computed from $3.8B

Those forecasts are secondhand. Nobody quoted in either outlet is on the record with an ARR number, and a valuation set against a projection is a statement about expectations, not about revenue booked.

The Datadog offer

TechCrunch reported that Datadog did not offer a premium above the $3.8 billion valuation set by Upwind's investors, and that Upwind chose to stay independent. TechCrunch did not name a source for that and did not give the offer amount. It said it reached out to Upwind and Datadog for comment. Upwind's post does not mention Datadog.

The company's founder has done this before. Shachar previously sold Spot.io to NetApp for $450 million, according to TechCrunch. CTech names three other Spot.io alumni as co-founders: Liran Polak, Lavi Ferdman and Tal Zuri.

Globes tied the round to the opening Google left in cloud security when it acquired Wiz for $32 billion, and said Upwind has enhanced distribution agreements with Amazon and Microsoft. Upwind calls its approach runtime-first security, and its post describes AI agents named Blue, Red and Green for investigation, exploit testing and remediation. That is a product roadmap from the vendor, not a measured result.

The round follows a pattern covered elsewhere on this site: Numeracle's $28 million raise from Edison Partners sat at the opposite end of the size range, and Crunchbase's tally of robotics funding shows the same concentration of money in fewer, larger rounds.

The next check is a filing. A state charter filing or a Form D would show the amount actually sold, which would settle whether $300 million became $400 million.