Upwind raises $400 million after declining Datadog acquisition offer

Cloud security startup Upwind raised a $400 million Series C at a $3.8 billion valuation, TechCrunch reported. Bessemer Venture Partners led the round, with existing investors Greylock Partners and Craft Ventures participating. The financing follows a $250 million round at a $1.5 billion valuation nine months earlier. Upwind chose to remain independent after Datadog offered no premium above the financing valuation, a person familiar with the company said. Upwind's software detects and remedies attacks and vulnerabilities in running cloud services. A person familiar with its finances projected roughly $90 million in annualized recurring revenue by year-end, putting the valuation above 40 times that forecast.