Cloud and AI security startup Upwind has raised $400 million in a Series C round. The financing values the company at $3.8 billion.
Bessemer Venture Partners led the round. New investor Canapi Ventures participated, alongside existing investors Greylock Partners, Cyberstarts, and Salesforce Ventures.
The financing follows reports that Upwind rejected a nearly $4 billion acquisition offer from Datadog. The decision to raise capital rather than sell suggests confidence among Upwind’s founders and investors in the company’s standalone growth prospects.
Upwind was founded in 2022. It has raised more than $800 million to date. The company reports that its revenue quadrupled in 2026.