Data storage security company Cyera is finalizing a round of at least $300 million led by Evolution Equity Partners, achieving a valuation of $12 billion. According to sources, Cyera has surpassed $150 million in annual recurring revenue (ARR), yet remains far from profitable. This deal values Cyera at 80 times its ARR, a multiple even higher than many rapidly growing AI startups. Sources suggest that the company is spending money faster than it earns, with some costs directed towards hiring sales staff. According to PitchBook, Cyera has added 500 jobs this year. A spokesperson for Cyera stated that the numbers cited are "factually and significantly inaccurate." Evolution Equity Partners did not respond to a request for comment. This new round comes just five months after Cyera announced a $400 million Series F round at a $9 billion valuation led by Blackstone, with participation from existing investors including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. The upcoming round will bring Cyera’s total capital raised to at least $2 billion. Founded in 2021, Cyera has benefited as enterprises turn to its platform to safeguard their data from attackers leveraging AI. When it announced its Series F, the company claimed its customers comprised one-fifth of the Fortune 500, and its revenue had more than tripled in 2025. Recently, the company has used its capital to finance operating losses as well as to acquire other cybersecurity startups, including Ryft backed by Index Ventures and the less than one-year-old Genie Security.
Blogger's Review: Cyera's high valuation is closely linked to its potential in the data security space. Despite not being profitable yet, its solid customer base and rapidly growing ARR suggest a promising future outlook. However, the ongoing losses and high expenditure strategy may affect investor confidence, making its subsequent financial performance a point of interest.