Cyera seeks $300M funding round at a reported $12B valuation

In short: Cybersecurity company Cyera is reportedly close to raising at least $300 million in new funding at a $12 billion valuation.

What happened

Cyera, a company that helps businesses protect stored data, is finalizing a new funding round led by Evolution Equity Partners, according to TechCrunch, citing people familiar with the deal. The round is expected to be at least $300 million and would value Cyera at about $12 billion.

TechCrunch also reports that Cyera has passed $150 million in annual recurring revenue, which is the yearly amount customers are expected to pay on ongoing subscriptions (like a phone plan that renews). The reported valuation would be about 80 times that figure, which is a way investors compare a company’s price to its subscription sales.

The same report says Cyera is not yet profitable and is spending more than it brings in. Some of that spending is tied to hiring sales staff, and PitchBook data shows the company has added about 500 jobs so far this year. Cyera’s spokesperson told TechCrunch that “the numbers cited are factually and significantly inaccurate,” and Evolution Equity Partners did not respond to a request for comment.

The new round would come about five months after Cyera announced a $400 million Series F round at a $9 billion valuation, led by Blackstone. TechCrunch says this upcoming round would bring Cyera’s total funding to at least $2 billion.

Why it matters

Cyera’s reported numbers show how much investor money is still flowing into security tools that protect company data, especially as more attacks use AI. For regular people, that can affect how well companies protect personal information that sits in their systems, like customer records and account details.

Source: TechCrunch AI