Cyera Eyes $12B Valuation Despite Operating Losses

Cyera's Ambitious Valuation

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.

Financial Performance and Challenges

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.

Growth Strategy and Funding

Some of those costs are directed at hiring sales staff. According to Pitchbook, Cyera has added 500 jobs so far this year. 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.

Market Context and Future Outlook

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.