Cyera, a data protection startup based in New York, recently closed its second massive funding round of 2024, securing an additional $300 million and doubling its valuation as the company continues to make strides in the data security market. Co-founder and CEO Yotam Segev stated that the Series D investment will be instrumental in expanding Cyera’s product portfolio to include areas such as data loss prevention and identity security. The company also plans to leverage AI technology to enhance its data security capabilities.
According to Segev, Cyera’s valuation has surged from $1.4 billion in April to a staggering $3 billion today, thanks to rapid customer acquisition and an expanded product portfolio. “Customers are seeking added value, and our investors are responding to their needs by following the direction set by the customers, CISOs, and enterprises,” Segev said. He emphasized Cyera’s commitment to meeting the evolving demands of its client base and the cybersecurity industry as a whole.
The Series D funding round was led by Accel and Sapphire Ventures, who were impressed by Cyera’s ability to drive innovation in the data security space and its position as a leading player in the market’s hypergrowth segment. Through strategic partnerships with Fortune 1000 enterprises, Cyera demonstrated its capacity to scale its offerings and deliver enhanced value to its clientele. Segev highlighted Cyera’s rapid growth within the Fortune 1000 sector and its ability to cultivate lasting partnerships with top-tier cybersecurity customers.
Cyera’s evolution from data security posture management to a comprehensive platform with features focusing on data access governance and identity security has enabled enterprises to address key questions related to data access and authorization. The acquisition of Trail, a data loss prevention startup, for $156 million has further strengthened Cyera’s position in the market, allowing the company to offer efficient and scalable solutions that integrate seamlessly with existing enterprise systems like Microsoft Purview. Through Trail’s AI-powered technology, organizations can monitor data flow and prevent breaches, thereby enhancing their overall cybersecurity posture.
Segev underlined Cyera’s ambition to simplify the complexity of enterprise data security tools by consolidating them into a unified platform. By offering an all-encompassing data security solution, Cyera aims to eliminate the need for multiple disparate tools, streamlining the data protection process and reducing costs for organizations. The company envisions becoming a leading provider of end-to-end data security solutions, catering to a wide range of use cases from compliance and incident response to business acceleration.
Looking ahead, Cyera plans to use the recent funding to enhance its product capabilities, expand its market presence, and explore potential strategic mergers and acquisitions. While profitability remains a viable goal for the company, Segev emphasized that growth and innovation are the primary focus at present. The ultimate objective is to establish Cyera as a prominent player in the data security industry, delivering long-term value to customers through a comprehensive and unified platform. IPO considerations, while important, take a backseat to the company’s current priorities of growth and innovation.