Cyera's $600 million round led by Evolution Equity Partners makes it one of the most valuable private security companies, with over $2 billion raised to date.
Cyera, a data-security startup based in San Mateo, California, raised $600 million in a funding round that valued it at $12 billion, the company said Tuesday.
Evolution Equity Partners led the round. New investors included Cyberstarts and Temasek. All existing investors – Accel, AT&T Ventures, Blackstone, Coatue, Spark Capital and others – also participated to their prior levels.
Cyera builds software that finds and protects sensitive data across cloud services, on-premises servers and databases. The platform is used by large enterprises to map where customer records, intellectual property and financial information live, then apply access controls and encryption. The company competes in the data security posture management (DSPM) market, a segment that emerged in response to sprawling cloud adoption.
The round is one of the largest ever for a privately held cybersecurity company. Cyera's total funding now exceeds $2 billion. The valuation ranks it alongside startups like Wiz, which raised $1 billion at a $12 billion valuation in 2024, and Lacework, which was valued at $8.3 billion before its sale to Fortinet last year.
Cyera last raised $300 million in 2024 at a $3 billion valuation. The tripling of its valuation in roughly two years reflects the pace of cloud data sprawl and the regulatory pressure companies face to secure that data. Europe's General Data Protection Regulation, California's Consumer Privacy Act and sector-specific rules in finance and healthcare have pushed compliance spending higher.
The company said it will use the new capital to expand its sales team, accelerate product development and enter additional geographies. It did not disclose revenue growth or customer count.
Enterprise spending on data security tools has outpaced broader IT budgets in recent years. The global DSPM market is projected to grow at a compound rate of about 20% through 2030, according to industry estimates. Cyera, with its deep funding base, is positioned to compete for market share against both startups and larger platform vendors such as Palo Alto Networks and CrowdStrike, which have added data-security features.
The round closed in the second quarter. Cyera did not say when it plans to go public.
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