Cyera targets – Data security startup Cyera is reportedly finalizing a funding round led by Evolution Equity Partners at a $12 billion valuation, valuing the company at 80x its ARR even as it continues to spend faster than it earns. The round—expected at at least $300 million
For a cybersecurity company, the math is sharp enough to cut. Cyera is reportedly closing a new round that values it at $12 billion—an 80x multiple on its annual recurring revenue—even as the business is still far from profitable.
The company is finalizing a round led by Evolution Equity Partners of at least $300 million. according to four people with knowledge of the deal. The valuation figure is the headline, but the speed of spending is the detail that makes it feel urgent. Cyera has surpassed $150 million in annual recurring revenue, three people familiar with the matter told TechCrunch, while remaining loss-making.
That 80x ARR multiple would place Cyera even above valuations many fast-growing AI startups receive from investors. The round is also expected to arrive only five months after Cyera announced it raised a $400 million Series F at a $9 billion valuation. led by Blackstone with participation from existing investors including Accel. Coatue. Lightspeed. Redpoint. Sapphire. Sequoia. Cyberstarts. and others.
Cyera says growth is being fueled by demand from enterprises trying to protect data as attackers increasingly use AI. When it announced its Series F, the company claimed its customers made up one-fifth of the Fortune 500, and it said its revenue had more than tripled in 2025.
But behind the sales push, the reported spending picture is more complicated. Sources told TechCrunch that Cyera is spending money faster than it makes, with some costs directed at hiring sales staff. According to PitchBook, Cyera has added 500 jobs so far this year.
Cyera’s own response pushes back hard. A spokesperson said that “the numbers cited are factually and significantly inaccurate.” Evolution Equity Partners did not respond to a request for comment.
The funding spree is also reshaping how Cyera is building its portfolio. In recent months, the company has used its capital to finance operating losses and acquire other cybersecurity startups, including Index Ventures-backed Ryft and Genie Security, which is less than one-year-old.
The newest round is expected to bring Cyera’s total capital haul to at least $2 billion, marking another rapid step-up in investor confidence so soon after its $9 billion Series F.
Cyera Evolution Equity Partners data security cybersecurity startups ARR multiple startup funding Blackstone Series F enterprise security AI attackers enterprise data protection PitchBook
12 billion valuation for a company that’s still losing money… sounds like pure hype to me.
80x ARR?? My buddy said AI startups get those numbers just for breathing. If they’re spending faster than they earn, how is this not a setup for a crash.
Wait so they raised $400M at $9B valuation and now another $300M at $12B? That feels like they’re just refinancing. Also $150M ARR doesn’t sound real for something “loss-making” unless they’re counting ARR wrong.
TechCrunch headline says “urgent” spending but the company said the numbers are inaccurate so… who knows. Seems like they just keep buying smaller security companies like it’s Monopoly. And people wonder why cybersecurity costs keep going up when investors keep rewarding the burn.