Jan 8 (Reuters) – Cyera, a leading data security firm, announced on Thursday that it raised $400 million in its latest funding round. The company’s valuation has tripled in just over a year, reaching $9 billion, as demand for AI-powered data protection solutions continues to rise.
In November 2024, Cyera was valued at $3 billion, and in its previous funding round in June, the company raised $540 million, bringing its valuation to $6 billion. This dramatic increase highlights the growing investor interest in data security companies, which are essential as businesses expand their use of generative AI and face increasing cybersecurity threats.
The Series F funding round was led by funds managed by Blackstone and brings Cyera’s total capital raised to over $1.7 billion. Existing investors, including Accel, Coatue, and Lightspeed Venture Partners, also participated.
The surge in demand for advanced digital security services can be attributed to a series of cyberattacks that have caused data leaks and significant financial losses globally. Cyera’s software helps companies discover, classify, and protect sensitive data across both cloud and on-premise systems, allowing them to manage risks and comply with regulatory requirements.
The funds raised will be used to accelerate product development, expand globally, and foster new partnerships, the company said.