Cyera, a prominent data storage security firm, is reportedly nearing the completion of a significant funding round. This latest investment, spearheaded by Evolution Equity Partners, is anticipated to infuse at least $300 million into the company, catapulting its valuation to an impressive $12 billion. These details come from four individuals with direct knowledge of the transaction.
While the initial report of this funding deal emerged from Calcalist, sources cited by TechCrunch have since provided additional insights into the company's operational and financial specifics.
According to three sources familiar with Cyera's operations, the company has successfully surpassed $150 million in annual recurring revenue (ARR). However, it remains notably distant from profitability. The proposed valuation places Cyera at 80 times its ARR, a multiple that significantly exceeds those typically assigned by investors to even many rapidly expanding artificial intelligence startups.
Sources further indicated to TechCrunch that Cyera's expenditure currently outpaces its revenue generation. A substantial portion of these costs is allocated towards expanding its sales force, with Pitchbook data revealing that Cyera has added 500 new positions this year alone.
In response to these claims, a spokesperson for Cyera stated that "the numbers cited are factually and significantly inaccurate." Evolution Equity Partners chose not to respond to a request for comment regarding the matter.
This upcoming funding round is noteworthy as it follows closely, by just five months, Cyera's announcement of a $400 million Series F round. That previous round, which valued the company at $9 billion, was led by Blackstone and saw participation from existing investors including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, and Cyberstarts, among others. With the completion of the impending round, Cyera's total capital raised will reach at least $2 billion.
Established in 2021, Cyera has experienced substantial growth as enterprises increasingly adopt its platform to protect their critical data from sophisticated attackers leveraging AI technologies. At the time of its Series F announcement, the company asserted that its clientele included one-fifth of the Fortune 500, and it claimed its revenue had more than tripled in 2025.
In recent months, Cyera has strategically utilized its substantial capital not only to cover operating losses but also to facilitate the acquisition of other cybersecurity startups. These acquisitions include Ryft, which was backed by Index Ventures, and the less than one-year-old firm, Genie Security.
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