Cyberhaven Raises $88 Million to Protect Enterprise Data in the AI Economy

News provided by

Jun 11, 2024, 09:00 ET

Series C financing led by Adams Street Partners and Khosla Ventures underscores breakout year marked by 200 percent growth in new bookings

SAN JOSE, Calif., June 11, 2024 /PRNewswire/ -- Cyberhaven, the leader in data detection and response (DDR), today announced it has raised $88 million in Series C funding led by Adams Street Partners, LLC ("Adams Street") and Khosla Ventures, with significant participation from existing investors Redpoint Ventures, Costanoa Ventures, Vertex Ventures, Crane Venture Partners, and Wing Venture Capital. Prominent security leaders including Amol Kulkarni, former CPO at CrowdStrike, Gerhard Eschelbeck, former CISO at Google, Ash Devata, former GM of Duo at Cisco, and others also participated. The round underscores a breakout year for the company, marked by 200 percent growth in new bookings. As part of this financing, Fred Wang, Partner at Adams Street, will join Cyberhaven's board of directors.

Data is every organization's most valuable asset, yet it remains the most vulnerable. Cyberhaven protects the intellectual property that traditional data loss prevention (DLP), insider risk, and data security posture management (DSPM) tools fail to identify and secure—data like source code, product designs, and customer records. With its pioneering data lineage technology and foundational AI model that understands not only content but also context, Cyberhaven is uniquely able to classify any sensitive information, understand when it is at risk, and take action to protect it.

"Cyberhaven is addressing some of the most pressing challenges in data security today, particularly protecting IP from insider threats," said Fred Wang of Adams Street. "Their innovative approach to tracking data lineage and applying AI to understand data and risk is transformative. We believe Cyberhaven is setting a new standard in the industry and are excited to support their continued growth and innovation."

The Cyberhaven platform protects data as it moves between clouds, devices, web, email, messaging, and generative AI tools. Cyberhaven Labs recently reported a 485 percent increase in corporate data flowing to AI systems over the past year, much of it going to risky "shadow AI" apps. Organizations recognize that in the AI economy their data is the key to winning their markets and unlocking immense value. But to fully realize that potential, they must understand their data like never before, including its origins and how it is used over time.

Ethan Choi, Partner at Khosla Ventures added, "AI introduces new data security risks, from the dangers of 'shadow AI' where employees input confidential data into prompts for AI services, to the generation of malicious or inaccurate AI content used in business-critical areas. Cyberhaven's technology addresses these new threat vectors with their unique approach to data lineage, making it an essential solution for CISOs of the most innovative companies in the world."

"We are thrilled to welcome Adams Street and Khosla Ventures to our mission of protecting the world's top innovators, who are increasingly dependent on AI and data," said Howard Ting, CEO of Cyberhaven. "Our groundbreaking data lineage technology has elevated the efficacy of our customers' DLP and insider risk programs but we're just getting started. This funding will enable us to rapidly expand our platform and grow the DDR category."

With this new investment, Cyberhaven plans to expand its product offerings, increase its market reach, and continue its mission to protect the world's most sensitive data.

Earlier this year, Cyberhaven accelerated its market-leading platform with the launch of Linea AI and a new foundational Large Lineage Model (LLiM). Cyberhaven was also recognized by Fortune for its "Fortune Cyber 60" list of top security companies.

About Cyberhaven
Cyberhaven is the AI-powered data security company revolutionizing how companies detect and stop the most critical insider threats to their most important data. Until now, data security products were limited to scanning data content and looking for specific user actions. Our AI technology analyzes billions of workflows to understand every piece of data within an organization, when it's at risk, and takes action to protect it. It's like nothing that's come before and protects data like nothing else. For more information, visit https://www.cyberhaven.com/.

SOURCE Cyberhaven