Cyera, a data storage security company, is finalizing a $300 million funding round at a $12 billion valuation, according to four individuals with knowledge of the deal. The round, led by Evolution Equity Partners, marks a significant milestone for the company, which has surpassed $150 million in annual recurring revenue (ARR), though it remains unprofitable. The valuation, which is 80 times its ARR, is higher than many fast-growing AI startups, according to sources. Cyera’s spokesperson called the figures 'factually and significantly inaccurate,' though no further details were provided. The company has been spending more than it earns, with some of the costs attributed to hiring sales staff. According to PitchBook, Cyera has added 500 jobs so far this year. The new round is expected to bring Cyera’s total capital raised to at least $2 billion. The funding follows a $400 million Series F round in January 2026, led by Blackstone and including participation from several prominent investors. Cyera, founded in 2021, has benefited from increased demand for its platform as enterprises seek to protect data from AI-powered attacks. The company claimed that its customers include one-fifth of the Fortune 500 and that its revenue more than tripled in 2025. In recent months, Cyera has used its capital to finance operating losses and acquire cybersecurity startups, including Ryft and Genie Security.
Source: techcrunch