Cyera eyes $12B valuation on high ARR multiple

Data security firm Cyera is reportedly nearing a $300 million funding round, valuing the company at $12 billion. This valuation represents an 80x annual recurring revenue (ARR) multiple, which is notably high, even for fast-growing AI startups. Despite surpassing $150 million in ARR, Cyera is not yet profitable and is investing heavily in growth, including sales staff expansion. This potential new round follows a $400 million raise just five months prior, bringing its total funding to over $2 billion. The company's growth is attributed to enterprises seeking AI-resistant data protection.