(Bloomberg) -- The cloud security firm Wiz Inc. has been valued at $12 billion in a new funding round, the latest milestone in the New York-based company’s rapid growth.

The $1 billion round was led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital, according to a company statement.

Wiz executives expect 2024 to be a year of consolidation in the cybersecurity industry and will use the money to drive future mergers and acquisitions, along with talent recruitment and product development. In March, Wiz announced that it was buying Gem Security for $350 million.

“This funding round will help us continue to solve customers’ complex cloud security challenges in an elegant, simple manner while supporting their broader vendor consolidation efforts,” Chief Executive Officer Assaf Rappaport said in a statement.

Wiz, which was founded in 2020, identifies and removes risks in cloud environments. The company previously raised about $900 million in several funding rounds. In February 2023, Wiz was valued at $10 billion, according to the company.

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