Cyera, a data security company, announced that it has secured a $100 million series B investment led by Accel, with participation from existing investors Sequoia and Cyberstarts. Redpoint Ventures also joined as an investor.

With this latest funding round, Cyera has raised a total of $160 million since emerging from stealth in March 2022. The company claims that its revenue has grown 800% over the past year as security teams prioritize data security across hybrid cloud environments, particularly among S&P 500 enterprises.

“Securing $100 million in the current economic climate, where there have been many reports and analyses highlighting the dearth of funding, down-rounds and early exits, validates our vision and relentless execution to redefine data security for the enterprise,” Yotam Segev, co-founder and CEO of Cyera, told NeuralNation.

Segev said he noted a trend over the past year where legacy companies have attempted to adopt data security and posture management (DSPM) capabilities, despite facing significant limitations due to outdated architectures. In contrast, Cyera made strategic investments to expand its AI-powered data security platform, focusing on enterprise-level data discovery, classification and security.

Cyera, a data security platform for AI-powered businesses, announced today that it has secured $100M in funding to enhance its platform. The investment, from a mix of venture capital funds and strategic investors, will enable Cyera to further develop its technology and expand its customer base.Cyera’s platform offers a comprehensive suite of AI-powered security solutions that provide businesses with protection against cyber-attackers, malicious actors, and data breaches. Its technology helps organizations discover, monitor, protect, and control sensitive data. According to the company, its platform is extremely intuitive and easy-to-use, allowing businesses to quickly secure their data and eliminate potential gaps in their security posture.

In a statement, Cyera’s CEO and founder, David Schwarz, said, “This investment demonstrates the investor’s belief in our product and vision. We are committed to building a world-class data security platform that enables AI-powered businesses to protect and control their data. Our platform is designed to help organizations discover sensitive data, identify potential weaknesses in their security posture, and rapidly respond to emerging threats.”

The funds will be used to further develop Cyera’s platform and customer base. The company plans to focus on improving its automated detection and response capabilities, expanding its customer base to include more enterprises, and developing partnerships with leading technology providers.

The announcement is indicative of the growing importance of data security in the AI-powered business landscape. As more organizations move to the cloud and use sophisticated AI-driven applications, the need for robust and secure data protection solutions increases. Cyera is well-positioned to capitalize on this trend and serve as a leader in the industry.

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