According to TechCrunch, citing multiple sources familiar with the matter, data storage security company Cyera is close to completing a funding round of at least $300 million, valuing the company at approximately $12 billion. The round was led by Evolution Equity Partners. If the deal goes through, this would be the company's second major funding round in five months.

Founded in 2021, Cyera specializes in enterprise data security platforms. The company has experienced rapid growth in recent years as enterprises increase their investment in protecting against AI-related security risks. Reports indicate that its products are used to help enterprises defend against data security threats launched by attackers using AI.

ARR exceeds $150 million

TechCrunch, citing three sources familiar with the matter, reported that Cyera's annual recurring revenue (ARR) has exceeded $150 million. However, the company is still significantly away from profitability, and its spending is currently outpacing revenue growth.

Based on this calculation method, the valuation corresponding to this round of financing is approximately 80 times the ARR. The report points out that this multiple is even higher than the current valuation levels of many high-growth AI startups.

• This round of financing is at least $300 million.
• The deal is valued at approximately $12 billion.
• Annual recurring revenue exceeds US$150 million

The last round was completed 5 months ago.

Cyera's last publicly disclosed funding round was in early 2026. At that time, the company announced the completion of a $400 million Series F funding round, valuing the company at $9 billion, led by Blackstone, with several existing investors continuing to participate.

If this latest round of funding is completed, Cyera's total funding will reach at least $2 billion. This pace of funding is unusual for a security company that has only been established for a few years, demonstrating that capital is still chasing high-growth security assets.

Expansion and mergers drive up spending

The report also stated that Cyera is still investing heavily in sales and expansion. Some of the funds have been used to hire sales staff. According to PitchBook data, the company has added approximately 500 positions this year.

In addition to expanding its workforce, Cyera has also been using capital to fund acquisitions in recent months, having acquired cybersecurity startup Ryft and Genie Security, which was founded less than a year ago. These expenditures are considered one of the reasons why the company is still operating at a loss.

Additional information:A Cyera spokesperson disputed some of the figures in the report, stating that the data was "significantly biased at the factual level." Evolution Equity Partners did not respond to requests for comment.