Data storage security company White The deal is closing in on at least a $300 million round by Evolution Equity Partners valued at $12 billion, according to four people with knowledge of the deal.
Calcalist TechCrunch’s sources were the first to report the funding deal, though they added new details about the company and its financing.
Cyera has surpassed $150 million in annual recurring revenue (ARR), three people familiar with the matter told TechCrunch, though it is far from profitable. The deal values Cyera at 80 times ARR, which is higher than what investors assign to many fast-growing AI startups.
Sources told TechCrunch that the company is spending money faster than it’s coming in. A part of these costs was directed to the recruitment of sales staff. According to PitchBook, Cyera has added 500 jobs so far this year.
A spokesperson for Cyera said “the figures shown are factual and materially inaccurate”. Evolution Equity Partners did not respond to a request for comment.
The new round is expected to come just five months after Cyera announced it had raised a $400 million Series F round. worth 9 billion dollars It is 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 to at least $2 billion.
Founded in 2021, Cyera has benefited as enterprises turn to its platform to protect their data from AI-weaponized attackers. In announcing the Series F, the company claimed that its customers make up a fifth of the Fortune 500 and that its revenue will more than triple by 2025.
In recent months, the company has used its capital to fund operating losses as well as acquire other cybersecurity startups, including Ryft, which is backed by Index Ventures, and Genie Security, which is less than a year old.
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