Cybersecurity startup Wiz Inc. is in discussions to sell existing shares at a valuation as high as $20 billion, according to people with knowledge of the matter.

Wiz, which in July walked away from a deal to be bought by Alphabet Inc.’s Google for $23 billion, is talking about a transaction that would let existing shareholders tender from $500 million to $700 million of their holdings, said one of the people, who asked not to be identified discussing private deliberations.

The company also may raise money directly from investors, one of the people said. Terms of the offering could change, and it may not come together, the people said.

The New York-based startup connects to cloud storage providers such as Amazon.com Inc.’s Amazon Web Services and Microsoft Corp.’s Azure, and scans data stored there for security risks.

Venture firms involved in the transaction include G Squared, Thrive Capital and Lightspeed Venture Partners, the people said. A representative of G Squared declined to comment. Thrive and Lightspeed didn’t immediately respond to requests for comment. Wiz also didn’t immediately respond to a request for comment.

Wiz turned down Google’s bid because it decided it could ultimately be worth more as a public company. The company also worried about a protracted regulatory approval process if it agreed to be acquire, people with knowledge of the matter told Bloomberg in July.

The Google offer valued Wiz at nearly twice the $12 billion valuation from a fundraising round in May, which drew investors such as Andreessen Horowitz, Lightspeed and Thrive Capital.

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