Cyera eyes $12B valuation at 80x ARR multiple despite operating losses

Cyera, a data storage security company, is reportedly close to securing a new funding round of at least $300 million. This investment, led by Evolution Equity Partners, would elevate the company's valuation to $12 billion. The news follows earlier reports from Calcalist and additional details from TechCrunch sources.

Sources indicate that Cyera has surpassed $150 million in annual recurring revenue (ARR) but continues to operate at a loss, spending more than it earns. The proposed deal would value Cyera at 80 times its ARR, a multiple exceeding those typically seen even for rapidly expanding AI startups. A spokesperson for Cyera, however, disputes these figures, stating they are "factually and significantly inaccurate."

This new funding round is anticipated just five months after Cyera announced a $400 million Series F round at a $9 billion valuation. With the upcoming investment, Cyera's total capital raised is expected to reach at least $2 billion. The company, founded in 2021, has capitalized on the growing need for data protection as enterprises face increasing AI-powered cyber threats.

Cyera has been actively using its capital to cover operating losses and to acquire other cybersecurity firms, including Ryft and Genie Security. The company previously claimed that one-fifth of the Fortune 500 were among its customers and reported a tripling of its revenue in 2025.