The Upwind Series C round raised $400 million at a $3.8 billion valuation, TechCrunch reported on October 28, 2026, after a funding process that nearly fell apart when Datadog tried to buy the company. Bessemer Venture Partners led the round, with Greylock Partners and Craft Ventures participating.
The round arrived about nine months after Upwind closed a $250 million financing at a $1.5 billion valuation. Dealroom describes that earlier round as a Series B completed in January 2026.
The new valuation is more than two and a half times the prior figure. All figures here are in US dollars, as no euro figures exist for this private round.
TechCrunch and Dealroom agree that Datadog tried to acquire Upwind and that Upwind stayed independent. They do not agree on the price offered, and neither account is confirmed by Upwind or Datadog. TechCrunch said it had sought comment from both companies, and none was reported.
The Short Version
- The Upwind Series C round raised $400 million at a $3.8 billion valuation, led by Bessemer Venture Partners, TechCrunch reported.
- Dealroom adds new backer Canapi Ventures and existing backers Cyberstarts, Salesforce Ventures, TCV and Alta Park, and puts total funding at more than $800 million.
- The prior round was $250 million at a $1.5 billion valuation about nine months earlier, described by Dealroom as a Series B in January 2026.
- Datadog tried to acquire Upwind and the funding nearly fell apart, a person familiar with Upwind told TechCrunch. The offer price is disputed.
- Reported ARR ranges from more than $50 million to a forecast of roughly $90 million by year end.
- Upwind describes its approach as runtime security for active services in real time. The company was founded in 2022 by Amiram Shachar, who sold Spot.io to NetApp for $450 million.
The Bigger Picture
Cybersecurity is poised to be the third big wave of AI software that companies will pay for, after AI coding tools and customer support, Theory Ventures general partner Tomasz Tunguz recently wrote. That helps explain the Upwind Series C valuation: AI has widened the attack surface.
Dealroom notes that Google completed a $32 billion acquisition of Wiz, while Palo Alto Networks and CrowdStrike also compete in this market. At $3.8 billion, Upwind must grow into a multiple that already assumes rapid expansion.
Upwind Series C: The Round in Detail
The TechCrunch report on the Upwind Series C names Bessemer Venture Partners as lead investor, with Greylock Partners and Craft Ventures participating. Dealroom adds Canapi Ventures, Cyberstarts, Salesforce Ventures, TCV and Alta Park.
Total funding now stands at more than $800 million, according to Dealroom. PetaTech24 has not independently reconciled that total, as earlier rounds are not itemised in the TechCrunch report.
Upwind was founded in 2022 by Amiram Shachar, who sold Spot.io to NetApp for $450 million, TechCrunch reported. Dealroom dates that sale to 2020. Dealroom reported the Upwind Series C funding will be used to accelerate product development and expand go to market work, including AI agents that investigate threats and remediate risks.
Upwind Series C and the Datadog Offer: Two Reported Versions
TechCrunch reported that the Upwind Series C funding had been in the works for months and nearly fell apart after Datadog attempted to buy the company, according to a person familiar with Upwind. Datadog sells observability tools, which monitor how software runs.
That person said Datadog offered no premium above the $3.8 billion venture valuation, so Upwind stayed independent. That is a reported claim, not a confirmed price.
Dealroom reports a different version: a roughly $4 billion offer, about $200 million above $3.8 billion. This article does not pick one silently.
If the TechCrunch source is right, Upwind rejected a deal priced at the venture valuation, with no extra payment for giving up control. If Dealroom is right, the Upwind Series C decision meant rejecting a slightly higher price and betting independence would produce more value later.
TechCrunch also reported continued acquisition interest, with no buyer named, and added its own analysis that an eventual sale remains most likely. That is analysis, not a confirmed plan.
Upwind Series C Valuation: What the ARR Range Means
TechCrunch reported quarterly ARR additions of $20 million to $30 million and a year end projection of roughly $90 million, citing a person familiar with its financials. The Upwind Series C valuation is more than 40 times that forecast: $3.8 billion divided by $90 million is about 42 times, on a projection, not audited revenue.
Dealroom, citing The Information, reported that revenue quadrupled in 2026 and ARR rose from about $20 million at the end of 2025 to more than $50 million. That implies a 76 times multiple for the Upwind Series C valuation: $3.8 billion divided by $50 million is exactly 76. The $50 million figure is a reported lower bound, not a precise total.
Both accounts can be partly true at different times: above $50 million now, with a path to roughly $90 million by year end if additions continue. What is missing is a single dated, confirmed ARR figure from the company.
The Cyera comparison needs the same care. TechCrunch reported Cyera fetched 80 times ARR earlier in 2026, putting the Upwind Series C multiple below Cyera on the forecast but close on the current implied multiple. Do not treat 40, 76, and 80 times as measurements of the same thing.
What Runtime Security Means for Customers
Runtime security means alerting on and remedying attacks and vulnerabilities in active services in real time, TechCrunch reported. A periodic scan finds known weaknesses; a runtime approach aims to catch problems that only appear while services run.
Dealroom describes it as monitoring cloud workloads, application programming interfaces, and AI agents in real time. Customers named by Dealroom are Siemens, Roku, Carvana, Nubank and ClickUp.
PetaTech24 did not test Upwind, and no independent benchmark is cited here. The Upwind Series C funding shows investor confidence and reported growth, not measured superiority over periodic scanning. Buyers should ask for false positive rates and remediation times.
Confirmed, Reported and Unknown
Confirmed: the Upwind Series C raised $400 million at a $3.8 billion valuation, led by Bessemer Venture Partners, per TechCrunch. The prior $250 million round at $1.5 billion is reported by both outlets. Upwind was founded in 2022, and Shachar sold Spot.io to NetApp for $450 million.
Reported: Datadog tried to acquire Upwind and the funding nearly fell apart. TechCrunch’s source says no premium above $3.8 billion was offered, while Dealroom reports roughly $4 billion. ARR is reported, not confirmed, from more than $50 million to roughly $90 million forecast.
Unknown: the exact offer price, current ARR, full investor list, and whether Upwind will pursue a sale or a listing. No comment from Upwind or Datadog was reported.
What Happens Next
Three disclosures would settle the open questions: a company ARR statement, a comment from Upwind or Datadog, and evidence on customer growth.
Until then, watch the Upwind Series C multiple against the forecast. If additions continue, roughly $90 million is reachable and the multiple falls toward the low 40s. If they slow, it stays near the 70s.
Quick Answers
What did the Upwind Series C round raise?
It raised $400 million at a $3.8 billion valuation, led by Bessemer Venture Partners, according to TechCrunch. Dealroom names additional backers including Canapi Ventures.
Did Datadog offer $4 billion for Upwind?
That figure is reported, not confirmed. Dealroom reports roughly $4 billion, while a TechCrunch source says no premium above $3.8 billion was offered. Neither version is confirmed by Upwind or Datadog.
How fast is Upwind growing?
Growth is reported in a range. TechCrunch cites quarterly additions of $20 million to $30 million and a forecast of roughly $90 million. Dealroom, citing The Information, reports ARR above $50 million, up from about $20 million at the end of 2025.
What is runtime security?
It means alerting on and remedying attacks in active services in real time, rather than only scanning on a schedule. Dealroom describes it as monitoring cloud workloads, application programming interfaces, and AI agents live. It describes an approach, not a measured result.
Will Upwind be sold or go public?
That is unknown. TechCrunch analysis says an eventual sale remains most likely, as few cybersecurity companies have gone public recently. No sale or listing plan is confirmed.
Final Word
The Upwind Series C round is a clear funding fact wrapped in two reported disputes, one about price and one about revenue. The Datadog offer price and exact ARR figure remain reported claims from unnamed sources, labelled as such here.
Can the Upwind Series C valuation be justified by current revenue rather than only by a forecast? The reported trajectory points that way, but proof will be disclosed revenue and customer results. Until then, independence is a bet, not a verdict.
Sources and Attribution
- TechCrunch, Marina Temkin, Upwind raises $400M after walking away from Datadog acquisition offer, October 28, 2026, published 23:15 UTC, updated 23:58 UTC. https://techcrunch.com/2026/10/28/upwind-raises-400m-after-walking-away-from-datadog-acquisition-offer/
- Dealroom, Upwind raises $400M at $3.8B valuation, rejecting Datadog’s buyout bid. https://dealroom.co/news/167712-upwind-raises-400m-at-3-8b-valuation-rejecting-datadogs-buyout-bid/
- The Information, ARR reporting via Dealroom, ARR rising from about $20 million at the end of 2025 to more than $50 million, revenue quadrupling in 2026. No separate The Information URL was verified for this article, so no URL is listed.
- Theory Ventures blog, Tomasz Tunguz, The Third Product-Market Fit in AI. https://tomtunguz.com/the-third-product-market-fit-in-ai/
- TechCrunch reporting from earlier in 2026 on Cyera, 80 times ARR, as cited in the October 28, 2026 TechCrunch report. No separate URL was verified for this article, so no URL is listed.
All figures are in US dollars. PetaTech24 did not test Upwind, did not review its deployments, and did not independently confirm the Datadog offer price or current ARR. This article is not financial advice.
