Cyera Raises $100M in Series B for its AI-powered Data Security Platform
In Brief
The round was led by Accel with participation from existing investors Sequoia and Cyberstarts and new investor Redpoint Ventures.
The latest raise brings Cyera’s total funding to $160 million.
Cyera uses AI and machine learning to classify data and contextualize risk, enabling security teams to apply appropriate security measures.
Data security company, Cyera, has raised $100 million in a Series B round led by Accel with participation from existing investors Sequoia and Cyberstarts and new investor Redpoint Ventures.
The latest raise brings Cyera’s total funding to $160 million since emerging from stealth last March. The cloud-native platform says it has grown in revenue by 800% in the past year, with significant interest from S&P 500 companies.
The funds will be used to will accelerate the development of its cloud-native operational platform and its global go-to-market initiatives.
Cyera has built an AI-powered data security platform that eschews the manual process of matching patterns and blocking access to using artificial intelligence and machine learning to automatically learn and classify data and contextualize risk, enabling security teams to apply appropriate security measures.
“The data security market is flooded with tools designed to secure data on-prem. The data loss prevention market (DLP) was built on the false assumption that people know where their data is located. Security teams have to manually define patterns for the tools they spend so much time and money on to function. And those tools fail to secure data because they are built on the false promise that static rules can address the fluid and dynamic nature of data,” Yotam Segev, Cyera CEO & co-founder, wrote in a blog post.
Powered by a unified policy engine, the platform efficiently identifies misconfigurations, suggests specific access controls, and generates new data security policies. This comprehensive approach ensures compliance and governs access to sensitive information, enabling security teams to manage all of their data security incidents, policies, controls, and workflows across the data landscape.
One of Cyera’s clients is United Talent Agency (UTA), a renowned talent representation agency in the entertainment industry. Michael Kiethley, Chief Information Officer at UTA said that Cyera’s AI-powered data security platform is enabling the agency to infuse data literacy into its cloud development and security strategy.
“Cyera far exceeds the capabilities of other vendors in this space, already capitalizing on technologies like generative AI and natural language processing,” said Philippe Botteri, partner at Accel.
Since its launch, Cyera has won a number of industry awards, including the 2022 CISO Choice Award for Data Security, Best Enterprise Data Loss Prevention (DLP) Solution, and 2023 Data Security Platform of the Year. Cyera has also recently launched SafeType, a new tool that protects user privacy during ChatGPT sessions. The tool anonymizes sensitive data typed into ChatGPT to avoid misuse and accidental disclosures and is available for download as a Chrome extension.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
