Cyera Aims for $12B Valuation with 80x ARR Multiple Despite Operating Deficits

Data security firm Cyera is finalizing a funding round led by Evolution Equity Partners, raising at least $300 million at a $12 billion valuation, according to four sources with knowledge of the transaction.

Calcalist was the first to report on this funding arrangement, while insights from TechCrunch’s contacts provided additional details about the company and its financial outlook.

Cyera has surpassed $150 million in annual recurring revenue (ARR), as noted by three individuals familiar with the matter, although it has yet to reach profitability. The valuation represents 80 times its ARR, exceeding the typical multiples investors apply to many rapidly growing AI firms.

Sources from TechCrunch suggest that the company is currently operating at a loss, with expenses exceeding revenue. A substantial portion of this spending is focused on expanding its sales workforce. PitchBook reports that Cyera has added 500 jobs this year.

A representative for Cyera stated that “the figures cited are factually and significantly incorrect.” Evolution Equity Partners did not provide comments upon request.

This latest funding round follows a $400 million Series F round reported just five months ago at a $9 billion valuation led by Blackstone, with support from existing investors such as Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. This new round will bring Cyera’s total funding to at least $2 billion.

Established in 2021, Cyera has gained momentum as businesses increasingly depend on its platform to safeguard their data from AI-related threats. When it announced its Series F, the company noted that its customer base included one-fifth of the Fortune 500 and that its revenue had more than tripled in 2025.

In recent months, Cyera has leveraged its funding to cover operational losses and acquire other cybersecurity firms, including Index Ventures-backed Ryft and the recently launched Genie Security.