According to reports, Israeli data security startup Cyera has raised $540 million in a late-stage private funding round that doubled its valuation to $6 billion over the past seven months. Cyera, with its AI-driven platform, stated that it would utilize the funding to enhance and expand its data security solutions and features.
As organizations increasingly adopt generative AI, copilots, and foundation models, safeguarding the data that fuels these systems has emerged as a critical concern.
"Across the board, we’re hearing the need for enterprises to push hard on AI, yet they must move fast without compromising security and control," says co-founder and CEO Yotam Segev.
Cyera’s emphasis on data protection is the most essential capability that enterprises must embrace to implement AI responsibly.
The funding round was primarily led by Georgian, Greenoaks, and Lightspeed Venture Partners, with participation from existing backers like Accel, Coatue, Cyberstarts, Redpoint, Sapphire, Sequoia Capital, and Spark, according to the company.
In November, Cyera, which was established in 2021, secured $300 million, bringing its total valuation to $3 billion. Cyera reported a remarkable 353 percent growth over the last 18 months among Fortune 500 companies, expanded its operations to 10 countries, and increased its workforce to nearly 800 employees worldwide. During this period, it has raised $1.3 billion, with its valuation skyrocketing 12 times.
The company was established in 2021 by CEO Yotam Segev and CTO Tamar Bar-Ilan, both alumni of the IDF's Talpiot program, with a technical background in the 8200 intelligence unit. Cyera is based in New York, with its development center located in Tel Aviv.
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The company serves major clients across telecommunications, financial services, and technology, including AT&T. Overall, Cyera participates in the corporate data security market, which is estimated to be worth $24 billion annually.