HomeCyera Eyes $12B Valuation at 80x ARR Multiple Despite Operating Losses
Cyera, a data storage security firm, is closing a funding round led by Evolution Equity Partners for at least $300 million, valuing the company at $12 billion, per four sources familiar with the transaction.
While Calcalist broke the news of the funding, TechCrunch’s sources have provided additional insights into the company’s financial standing.
Cyera has generated over $150 million in annual recurring revenue (ARR), according to three sources, yet it remains unprofitable. The current valuation represents an 80x multiple of ARR, exceeding the multiples typically assigned to high-growth AI startups.
Insiders indicate that Cyera is burning cash faster than it generates revenue, with a significant portion of spending allocated to sales hiring. Pitchbook data shows the company has added 500 positions this year.
A Cyera spokesperson stated that “the cited figures are factually and significantly inaccurate.” Evolution Equity Partners did not immediately respond to a request for comment.
This new round follows just five months after Cyera’s $400 million Series F, led by Blackstone at a $9 billion valuation, which included participation from Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. The latest funding will push Cyera’s total capital raised to at least $2 billion.
Founded in 2021, Cyera has seen increased enterprise adoption as organizations seek to protect data from AI-driven threats. At the time of its Series F announcement, the company reported that 20% of Fortune 500 companies were clients, with revenue tripling in 2025.
Recently, Cyera has utilized its capital to cover operating losses and acquire other cybersecurity firms, including Index Ventures-backed Ryft and Genie Security, which is less than a year old.
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Cyera, a data storage security firm, is closing a funding round led by Evolution Equity Partners for at least $300 million, valuing the company at $12 billion, per four sources familiar with the transaction.
While Calcalist broke the news of the funding, TechCrunch’s sources have provided additional insights into the company’s financial standing.
Cyera has generated over $150 million in annual recurring revenue (ARR), according to three sources, yet it remains unprofitable. The current valuation represents an 80x multiple of ARR, exceeding the multiples typically assigned to high-growth AI startups.
Insiders indicate that Cyera is burning cash faster than it generates revenue, with a significant portion of spending allocated to sales hiring. Pitchbook data shows the company has added 500 positions this year.
A Cyera spokesperson stated that “the cited figures are factually and significantly inaccurate.” Evolution Equity Partners did not immediately respond to a request for comment.
This new round follows just five months after Cyera’s $400 million Series F, led by Blackstone at a $9 billion valuation, which included participation from Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. The latest funding will push Cyera’s total capital raised to at least $2 billion.
Founded in 2021, Cyera has seen increased enterprise adoption as organizations seek to protect data from AI-driven threats. At the time of its Series F announcement, the company reported that 20% of Fortune 500 companies were clients, with revenue tripling in 2025.
Recently, Cyera has utilized its capital to cover operating losses and acquire other cybersecurity firms, including Index Ventures-backed Ryft and Genie Security, which is less than a year old.
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