Data Security Leader Cyera Raises $300 Million at $1.4 Billion Valuation
Cyera announces Series C funding round led by Coatue and appointment of Jason Clark as Chief Strategy Officer
NEW YORK, April 9, 2024 (Newswire.com) - Cyera, the leader in data security, today has raised $300 million in Series C funding at a $1.4 billion valuation. The funding round is led by Coatue and is joined by new investors Spark Capital, Georgian, and AT&T Ventures, alongside significant investment by all existing investors Sequoia, Accel, Redpoint, and Cyberstarts. Founded in 2021 by Yotam Segev (CEO) and Tamar Bar-Ilan (CTO), the company has secured a total of $460 million to date.
As AI adoption accelerates, data becomes the lifeblood and most critical asset of every modern enterprise. Because of this, data has become the largest and fastest-growing attack surface for bad actors to compromise, creating a massive need for a single platform to defend and govern data. Cyera provides the foundation for any data security program which is DSPM (Data Security Posture Management). To secure data, you must know where it is, who can access it, and how valuable it is. Without Cyera, all organizations struggle to answer these questions.
Enterprises are now required to answer them due to customer contracts, disclosure regulations, and the new Securities and Exchange Commission requirements, to report a breach within four days of determining a material incident. Cyera brings everything an enterprise needs to build and operate a data security program on one platform, protecting the organization’s most important asset.
“The funding we secured will support us as we continue to build atop the industry’s best data security platform, and look to expand our team globally. This will be critical to accomplishing our goal of enabling security teams to run their data security programs successfully,” said Yotam Segev, Co-Founder and CEO at Cyera. “CIOs and CISOs are realizing it is critical that they secure all of their enterprise data as an absolute necessity in order to thrive and survive in a new AI-driven world. Cyera is working closely and solving this problem for the world's largest enterprises.
“The customer’s reactions to Cyera as a platform remind me of our early days at ServiceNow,” said David Schneider, General Partner at Coatue Management. “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.”
“Cyera offers an enterprise data security solution that stands out in the industry,” said Pete Chronis, CISO of Paramount. “Its data classification accuracy, comprehensive technology coverage, and user-friendly interface surpasses similar solutions.”
The soaring demand for Cyera is driven by several factors: Gartner's prediction of widespread adoption of generative AI like ChatGPT and CoPilot by 2026, the record-high number of cyberattacks reported by the Identity Theft Resource Center in 2023, prompting stricter regulations, and IDC's projection of exponential growth in the Global Datasphere, going from 33 zettabytes in 2018 to 175 zettabytes by 2025. These trends highlight the urgent need for solutions like Cyera to navigate the evolving landscape of AI, data innovation, security, and privacy.
“When I first met with the Cyera team, it was evident that they were very passionate, and had extensive knowledge of the security space. Since then, their team has continued to grow stronger and more innovative,” said Doug Leone, Partner at Sequoia. “Their drive to build a long-lasting company will enable Cyera to take the lead in the market of AI-driven data security."
“Having partnered with the Cyera team at inception, it has been exceptional to see their growth and evolvement, constantly solving for the most pressing challenges in the market in a profound way,” said Lior Simon, General Partner at Cyberstarts. “Cyera solves the principles of cybersecurity, securing data; any type, anywhere. This is the key pillar to serve and enable the advancement and adoption of AI."
To capitalize on its growth, Cyera announces the appointment of Jason Clark as Cyera’s Chief Strategy Officer. Clark, formerly Chief Security Officer & Chief Strategy Officer at Netskope, has been an advisor to Cyera since its founding as part of his role at VC firm Cyberstarts. Throughout his 30-year career, Clark has served as Chief Security Officer and held multiple CSO/Go-To-Market leadership positions at organizations such as Optiv, Forcepoint, Emerson Electric, and The New York Times Company. He has demonstrated a proven track record of driving significant company growth and category creation.
About Cyera
Founded in 2021 by Yotam Segev (CEO) and Tamar Bar-Ilan (CTO), Cyera has now secured a total of $460 million. Cyera is the operating system on which enterprises’ data security and lifecycle programs run. Cyera is unique and powerful due to the speed, accuracy, and scale of its data classification engine, which is driven by the novel use of AI, machine learning, and cloud computing. The company is the first to provide an agentless data security approach to discover, classify, assess, and protect structured and unstructured data across clouds, SaaS, data lakes, and on-prem environments. Cyera's pioneering approach has garnered industry recognition, earning prestigious awards such as the 2022 CISO Choice Award for Data Security, Best Enterprise Data Loss Prevention (DLP) Solution, the 2023 Data Security Platform of the Year, and one of Fast Company’s Most Innovative Companies for 2024.
Source: Cyera
