Upwind Raises $400 Million at $3.8 Billion After, TechCrunch Reports, Turning Down a Datadog Offer With No Premium
Cloud-security startup Upwind said on October 28 it closed a $400 million Series C at a $3.8 billion valuation led by Bessemer, and that its revenue quadrupled in 2026. TechCrunch, citing one unnamed source, reported that Upwind rejected a Datadog acquisition offer with no premium and expects about $90 million of ARR at year-end.
Upwind's new round puts a price on staying independent in cloud security. The company said on October 28 that it had closed a $400 million Series C at a $3.8 billion valuation, led by Bessemer Venture Partners. TechCrunch, citing a person familiar with the matter, reported that Upwind had walked away from an acquisition offer from Datadog that carried no premium to that valuation.
The round#
Canapi Ventures, Cyberstarts, Greylock, Craft Ventures, Leaders Fund, Salesforce Ventures and TCV were among the participants, according to Upwind. The company said its revenue quadrupled in 2026; it did not give a figure. Its Series B, in January 2026, valued it at $1.5 billion, the company said.
TechCrunch reported, again from an unnamed source, that Upwind expects to end the year at about $90 million in annual recurring revenue, which would put the new valuation at more than 40 times that figure. Neither Upwind nor Datadog is quoted confirming the offer.
The market it is betting on#
Upwind sells runtime security for cloud workloads, the category Google paid $32 billion to enter when it closed its Wiz acquisition in March. A Datadog deal would have folded Upwind into an observability platform; the round lets it keep selling on its own while larger vendors consolidate.
Limits#
- The Datadog offer, its terms and the ARR forecast come from a single unnamed source cited by TechCrunch.
- Upwind gave no revenue figure behind the "quadrupled" claim.
- How the round is split between new and existing investors was not disclosed.