Cyera, the AI-driven data security company, recently received a $100 million boost in its Series B funding round. Accel led the investment round, which saw contributions from previous investors Sequoia, Cyberstarts, and new supporter, Redpoint Ventures. This latest funding round brings Cyera’s total financing to a robust $160 million.
The funding is expected to expedite the evolution of Cyera’s cloud-native operational platform and its global go-to-market initiatives. The company has witnessed significant growth, with an 800% increase in revenue in the past year and heightened interest from S&P 500 companies.
Revolutionizing Data Security with AI
Cyera’s unique AI-based platform automates data classification and risk context, replacing the manual and cumbersome processes traditionally used in data security. The result is a more efficient system, which allows security teams to devise appropriate protection measures swiftly.
Comprehensive Security Management
Cyera’s platform boasts a unified policy engine that can identify system misconfigurations, recommend specific access controls, and formulate new data security policies. It offers a comprehensive solution for compliance and access governance to sensitive data, thus aiding security teams to manage data security incidents, policies, controls, and workflows efficiently.
“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,” said Yotam Segev, Cyera CEO & Co-Founder.
In addition to gaining high-profile clients, Cyera has bagged several industry accolades, such as the 2022 CISO Choice Award for Data Security, the Best Enterprise Data Loss Prevention (DLP) Solution, and the 2023 Data Security Platform of the Year. The company also launched SafeType recently, a tool designed to protect user privacy during ChatGPT sessions by anonymizing sensitive data to prevent misuse and accidental disclosures.