Cyera, a cybersecurity startup, is anticipating that the next frontier in enterprise data protection will involve artificial intelligence (AI). The company is on the brink of closing a funding round of nearly $300 million, which will triple its valuation to $1.5 billion. Coatue, a respected venture firm, is spearheading this funding round.
The deal is anticipated to be finalized in early April. While the full list of investors in this round is still undisclosed, previous backers of Cyera include Sequoia, Accel, Redpoint, CyberStarts, and Cerca Partners. The company, headquartered in San Mateo with Israeli roots, had previously raised $160 million, with its valuation reaching $500 million last year.
It’s worth noting that rumors about this funding round had been circulating earlier this month, with the amount being raised increasing by $150 million. This investment further emphasizes the significance of AI in today’s technology market and highlights the continued appeal of cybersecurity to investors.
AI is not only being used by malicious hackers but is also becoming a crucial tool for cybersecurity companies like Cyera to combat threats and safeguard enterprise data. Cyera’s focus on addressing potential data exposure and misuse in AI applications reflects the growing awareness of the challenges posed by AI in information security.
While Cyera initially concentrated on providing data classification, posture management, detection and response, and access governance tools to various industries, the company is now witnessing a shift in customer demands towards tracking automation and ensuring compliance with data protection policies in the AI era.
AI is becoming a driving force for Cyera’s business, with the company observing an increased need for solutions that can manage and secure sensitive data in automated environments. As organizations prepare for the AI revolution, Cyera’s AI-enhanced tools continue to play a vital role in data protection and cybersecurity.
