Synopsis
Data security firm Cyera secured a significant funding round. The company raised 600 million dollars valuing it at 12 billion dollars. This marks a substantial increase from its valuation last year. The investment highlights growing investor confidence in data security solutions. Cyera's software helps businesses manage sensitive data and comply with regulations.Listen to this article in summarized format
The jump underscores rising investor interest in data security businesses as cybersecurity threats increase alongside the rapid adoption of generative AI technologies.
The funding round was led by Evolution Equity Partners, with participation from Singapore state investor Temasek and Israeli venture capital fund Cyberstarts, Cyera said.
Existing investors including Accel, AT&T Ventures, Blackstone and Coatue also took part in the round, the company added.
Cyera said it has tripled its annual recurring revenue for three straight years, expanded its workforce to 1,500 employees across 18 countries and acquired five companies in the last 18 months.
Cyera's software helps companies identify, classify and protect sensitive data across cloud and on-premise systems, helping them monitor risks and comply with regulations.
In January, Cyera raised $400 million at a $9 billion valuation, proceeds from which were earmarked for product development, global expansion and partnerships.
