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

Data storage security company Cyera is finalizing a round led by Evolution Equity Partners of at least $300 million at a $12 billion valuation, according to four people with knowledge of the deal.

Calcalist was first to report the funding deal, although TechCrunch’s sources added new details about the company and its financials.

Cyera has surpassed $150 million in annual recurring revenue (ARR), three people familiar with the matter told TechCrunch, though it remains far from profitable. The deal values Cyera at 80 times its ARR, a multiple that’s even higher than investors assign to many fast-growing AI startups.

Sources told TechCrunch the company is spending money faster than it makes it. Some of those costs are directed at hiring sales staff. According to Pitchbook, Cyera has added 500 jobs so far this year.

Cyera’s spokeperson said that “the numbers cited are factually and significantly inaccurate.” Evolution Equity Partners didn’t respond to a request for comment.

The new round is expected to come just five months after Cyera announced that it had raised a $400 million Series F at a $9 billion valuation 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 haul to at least $2 billion.

Cyera, which was founded in 2021, has benefited as enterprises turn to its platform to safeguard their data from attackers weaponizing AI. When it announced its Series F, the company claimed its customers comprised one-fifth of the Fortune 500, and its revenue had more than tripled in 2025.

In recent months, the company has used its capital to finance operating losses as well as acquire other cybersecurity startups, including Index Ventures-backed Ryft and a less than one-year-old Genie Security.