Cyera Targets $12 Billion Valuation Amidst High Multiple and Operating Deficits

Data security firm Cyera is currently concluding a funding round spearheaded by Evolution Equity Partners, which is set to inject a minimum of $300 million into the company. According to four individuals with insight into the transaction, this latest capital raise places Cyera’s valuation at $12 billion. While Calcalist originally broke the news of the financing, sources speaking to TechCrunch have provided additional context regarding the firm’s financial health.

Insiders revealed to TechCrunch that Cyera’s annual recurring revenue (ARR) has exceeded $150 million. Despite this growth, the company continues to operate at a loss. The proposed $12 billion valuation translates to an 80x multiple on ARR, a figure that surpasses the multiples typically assigned to many high-growth artificial intelligence startups. Sources indicated that Cyera is burning through cash at a rate faster than it generates income, with a significant portion of expenditures allocated to expanding its sales workforce. Data from PitchBook highlights this aggressive hiring, showing that the company has added 500 employees this year alone.

In response to these reports, a spokesperson for Cyera stated that the figures cited are "factually and significantly inaccurate." Evolution Equity Partners did not immediately return requests for comment.

This new investment arrives just five months after Cyera secured a $400 million Series F round led by Blackstone at a $9 billion valuation. That previous round included participation from a robust group of existing backers, such as Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, and Cyberstarts. With this upcoming close, Cyera’s total funding will reach at least $2 billion.

Founded in 2021, Cyera has gained traction as organizations seek to protect their data against adversaries leveraging AI. At the time of its Series F announcement, the company reported that its client base included one-fifth of the Fortune 500 and that its revenue had more than tripled in 2025. Recently, Cyera has utilized its substantial cash reserves to cover operating losses and acquire competitors, including Index Ventures-backed Ryft and Genie Security, which is less than a year old.

Source: TechCrunch Generated at: 2026-06-02 22:50:56 UTC