Cyera eyes $12B valuation at 80x ARR despite losses

Cyera, a data storage security company founded in 2021, is finalizing a funding round of at least $300 million led by Evolution Equity Partners at a $12 billion valuation — an 80x multiple on its annual recurring revenue (ARR), which has exceeded $150 million. Despite rapid growth, the company operates at a loss, spending significantly on sales staff and acquisitions. Sources say Cyera has added 500 jobs so far this year, and total capital raised will hit at least $2 billion after this round. A company spokesperson called the financial figures “factually and significantly inaccurate,” though Evolution Equity did not comment.

This round comes just five months after Cyera announced a $400 million Series F at a $9 billion valuation led by Blackstone, with participation from Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, and Cyberstarts. The company has benefited from enterprise demand for data protection against AI-powered attacks, claiming one-fifth of the Fortune 500 as customers and revenue more than tripling in 2025. Cyera has used its capital to acquire cybersecurity startups, including Index Ventures-backed Ryft and Genie Security (less than a year old). The rapid valuation increase — from $9B to $12B in five months — underscores investor appetite for AI-adjacent security platforms despite operating losses.