Data Storage Security Company White is finalizing a funding round led by Evolution Equity Partners of at least $300 million at a valuation of $12 billion, according to four people with knowledge of the deal.
Calcalist was the first to announce the funding deal, although TechCrunch’s sources added new details about the company and its finances.
Cyera has surpassed $150 million in annual recurring revenue (ARR), three people familiar with the matter told TechCrunch, although it remains far from profitable. The deal values Cyera at 80 times its ARR, an even higher multiple than investors assign to many fast-growing AI startups.
Sources told TechCrunch that the company was spending money faster than it was making it. Some of these costs are for hiring sales personnel. According to PitchBook, Cyera has created 500 jobs so far this year.
Cyera’s spokesperson said “the figures cited are factually and materially inaccurate.” Evolution Equity Partners did not respond to a request for comment.
The new round is set to take place just five months after Cyera announced it raised a $400 million Series F round at a Valuation of $9 billion led by Blackstone with participation from existing investors including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts and others. The next funding round will bring Cyera’s total capital to at least $2 billion.
Cyera, founded in 2021, has benefited from businesses turning to its platform to protect their data from attackers using AI as a weapon. When it announced its Series F, the company claimed that its customers represented a fifth of the Fortune 500 and that its revenues would more than triple in 2025.
In recent months, the company has used its capital to finance operating losses as well as to acquire other cybersecurity startups, including Ryft, backed by Index Ventures, and Genie Security, founded less than a year ago.
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Marina Temkin is a venture capital and startups reporter at TechCrunch. Before joining TechCrunch, she wrote about venture capital for PitchBook and Venture Capital Journal. Earlier in her career, Marina was a financial analyst and earned her CFA designation.
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