Key Takeaways
- • Cyera is raising at least $300 million led by Evolution Equity Partners at a $12 billion valuation, representing an 80x multiple on its $150+ million ARR—a valuation premium typically reserved for high-growth AI startups despite the company's operating losses.
- • The data storage security company has surpassed $150 million in annual recurring revenue with revenue more than tripling in 2025, positioning it as a beneficiary of enterprise demand for AI-weaponized threat defense.
- • Cyera is burning cash faster than it generates revenue, with 500 new hires added year-to-date primarily in sales operations, indicating aggressive market expansion even amid profitability headwinds.
- • The round closes just five months after a $400 million Series F at $9 billion valuation led by Blackstone, bringing total capital raised to at least $2 billion and representing a 33% valuation increase in under half a year.
- • The company has deployed capital toward strategic M&A, acquiring Index Ventures-backed Ryft and pre-launch-stage Genie Security to consolidate its data security portfolio across emerging threat vectors.
Summary
Cyera, a data storage security platform founded in 2021, is finalizing a funding round of at least $300 million led by Evolution Equity Partners at a $12 billion valuation, according to sources familiar with the transaction. The valuation reflects an 80x multiple on the company's annual recurring revenue (ARR), which has exceeded $150 million, positioning the cybersecurity startup at a premium typically assigned to hypergrowth artificial intelligence companies. This valuation multiple is particularly notable given that Cyera remains substantially unprofitable, with the company spending capital faster than it generates revenue.
The new round arrives just five months after Cyera announced a $400 million Series F funding round led by Blackstone at a $9 billion valuation, supported by existing investors including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. The latest funding will push Cyera's total capital haul to at least $2 billion, representing a 33% valuation increase in less than six months. When the Series F closed, Cyera claimed to serve one-fifth of Fortune 500 companies and reported that revenue had more than tripled during 2025.
Cyera's rapid ascent reflects robust enterprise demand for data security solutions as organizations defend against attackers leveraging artificial intelligence capabilities. The company is aggressively expanding through both organic growth and acquisition. According to PitchBook, Cyera has hired 500 employees year-to-date, with significant hiring directed toward sales operations. Additionally, the company has deployed capital toward strategic acquisitions, including Index Ventures-backed Ryft and the early-stage Genie Security, consolidating complementary capabilities within its data protection platform.
The company disputed certain financial figures reported in connection with the funding, with a Cyera spokesperson stating that "the numbers cited are factually and significantly inaccurate," though the company did not specify which metrics were contested. Evolution Equity Partners declined to comment on the transaction.
The new round arrives just five months after Cyera announced a $400 million Series F funding round led by Blackstone at a $9 billion valuation, supported by existing investors including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. The latest funding will push Cyera's total capital haul to at least $2 billion, representing a 33% valuation increase in less than six months. When the Series F closed, Cyera claimed to serve one-fifth of Fortune 500 companies and reported that revenue had more than tripled during 2025.
Cyera's rapid ascent reflects robust enterprise demand for data security solutions as organizations defend against attackers leveraging artificial intelligence capabilities. The company is aggressively expanding through both organic growth and acquisition. According to PitchBook, Cyera has hired 500 employees year-to-date, with significant hiring directed toward sales operations. Additionally, the company has deployed capital toward strategic acquisitions, including Index Ventures-backed Ryft and the early-stage Genie Security, consolidating complementary capabilities within its data protection platform.
The company disputed certain financial figures reported in connection with the funding, with a Cyera spokesperson stating that "the numbers cited are factually and significantly inaccurate," though the company did not specify which metrics were contested. Evolution Equity Partners declined to comment on the transaction.
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