Why We're Investing in Upwind for the Second Time This Year

Nine months ago, when Upwind announced its Series B, I wrote that we believed cloud security would move toward runtime, and that Upwind was built for the AI and real-time era. Today, Upwind announced a $400 million Series C at a $3.8 billion valuation, and Leaders Fund is proud to invest again.

It's rare to see a thesis play out this quickly. Upwind has quadrupled its revenue in 2026, and its valuation has grown from $1.5 billion at the Series B in January to $3.8 billion today. Those numbers are impressive, and they're indicative of how quickly and effectively Amiram and the team have moved to capture a growing market. 

AI is changing how organizations build and operate software, and the scale of the threats they face. Attackers are using AI to increase the scale and sophistication of their operations. Employees are building new applications with large language models. Autonomous agents are operating inside the organization, changing environments at a speed and scale that human teams alone can't match. A fragmented security approach creates silos, with alerts that lack the context to tell what's behind an AI agent's activity, or whether a vulnerability creates a reachable exposure.

Upwind takes a different approach. Its platform works from the inside out, combining runtime intelligence with the context of a company's cloud workloads, APIs, and AI agents. Security, development, and DevOps teams get a shared understanding of their most critical risks and reachable exposures and how to fix them, while catching attacks as they happen.

To help teams keep up, Upwind has built specialized AI agents that investigate threats autonomously, act as a red team validating attack surface findings, and remediate risks in the infrastructure. That takes the heavy lifting of triage off the team's plate, so people can focus on judgement and response.

Hundreds of organizations, including Siemens, Roku, Carvana, Nubank, Supabase, and ClickUp, trust Upwind to secure their cloud and AI infrastructure, applications, and agents. The platform supports AWS, Microsoft Azure, Google Cloud, and Oracle Cloud Infrastructure, and through its integration with AWS Security Hub, customers can access Upwind directly in the AWS console with simplified onboarding and unified billing. Meeting enterprise teams where they already work is a big part of how Upwind grew this quickly.

The new funding will support continued product development and go-to-market expansion as Upwind builds on its momentum with enterprise customers. We backed Amiram at Seed and have leaned in at every opportunity since. Today, we're proud to do it again.

Congratulations to Amiram and the entire Upwind team. The opportunity ahead is significant, and we're excited to keep building alongside you.

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