AI Cybersecurity Startup Raises $300M to Secure Enterprise Data

Data security startup Cyera has raised $300 million in series C funding to redefine how companies approach cloud data security, bringing the company’s valuation to $1.4 billion.

Founded in 2021, Cyera developed an AI-powered data security platform that provides enterprises with insights into their data to improve their cybersecurity resilience.

Investment firm Coatue Management led the round, with investors AT&T Ventures and Spark Capital joining existing investors Accel, Redpoint and Sequoia.

The round brings Cyera’s total capital raised to $460 million. The new funds will be used to improve its platform, said Yotam Segev, Cyera co-founder and CEO.

Cyera’s platform enables enterprises to monitor structured and unstructured data in cloud data stores. It allows users to analyze and classify assets across their entire data landscape including software as a service environments like Google Workspace.

The platform is powered by AI and machine learning and automatically identifies and classifies sensitive data while continuously scanning environments for potential security issues.

“The customer’s reactions to Cyera as a platform remind me of our early days at ServiceNow,” said David Schneider, general partner at Coatue. “I am confident that Cyera will grow to become a key part of enterprise’s data security, which is so crucial with the advent of AI.”

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The startup is split across New York and Tel Aviv, Israel. It boasts a staff of 200, including software engineers, AI and machine learning developers and cybersecurity researchers.

In addition to the new funding, Cyera also announced the appointment of a new chief strategy officer, Jason Clark, who previously served as chief security officer and chief strategy officer at Netskope.

This article first appeared in IoT World Today's sister site, AI Business.