Cyera Secures $100 Million Series B Investment to Become the Data Security Platform Enabling the AI Revolution
The AI-powered platform is solving fundamental data security and privacy challenges, helping enterprises prevent breaches and harness the power of data
SAN MATEO, Calif., June 27, 2023 /PRNewswire/ -- Cyera, the data security company, today announced a $100 million Series B investment led by Accel with participation from existing investors Sequoia and Cyberstarts. Redpoint Ventures also joined as an investor. This brings the company's total funding to $160 million since emerging from stealth in March of 2022. In the past year, Cyera has gained significant traction among S&P 500 enterprises, growing revenue by 800%, as security teams prioritize data security across their hybrid cloud environments.
Data is the most important asset that a business has. The rush to adopt generative AI, like ChatGPT, is forcing enterprises to grapple with opposing forces of innovation, and security and privacy risks. As the news cycle highlights, those risks are real. Breaches, ransomware, and regulatory fines are a part of our daily lives. This has led governments, business leaders, and regulators to impose bans and stricter regulations in an effort to protect user privacy and intellectual property. Cyera provides the foundational capability to enable enterprises to harness the power of their data.
McKinsey highlights that rapidly accelerating technology advances, the recognized value of data, and increasing data literacy are changing what it means to be "data driven." The ability to leverage data for day-to-day activities improves decision making, and fosters better innovation, collaboration, and communication. With deep insight into the data they have, and the confidence that their data is secure, Cyera is enabling enterprises to leverage data to create truly differentiated customer and employee experiences.
Michael Kiethley, Chief Information Officer at United Talent Agency uses Cyera to foster innovation with data. He said, "Cyera's AI-powered data security platform is enabling us to infuse data literacy into our cloud development and security strategy." Arjun Thusu, Chief Information Officer at Mercury Financial said, "Cyera is accelerating our efforts to improve cyber resilience, and the deep context and unprecedented insight it provides into our data allows us to better align with business stakeholders and partners."
Enabling the business to leverage data while preventing breaches are top priorities for CxOs and boards across industries. However, data security has long relied on legacy architectures and outdated approaches that were developed to protect data on premises. Cyera has built an AI-powered data security platform that is revolutionizing data security for the cloud era. This new approach moves from a highly manual process of matching patterns and blocking access, to harnessing artificial intelligence and machine learning to automatically learn and holistically protect a company's unique data.
"Cyera's vision is to enable every business to realize the full potential of their data using AI — collaboration, connection with customers, insights that fuel innovation — to power a new era of development, growth, and productivity. This investment confirms that Cyera is on the right path to help CISOs meet their most pressing challenge — securing their data in the cloud era," said Yotam Segev, Cyera Co-Founder and CEO.
Cyera's AI-powered data security platform instantly learns an enterprise's unique data and its business purpose, empowering security teams to understand the data they have, how it is used, and apply the correct controls to secure it. Cyera provides holistic data security across SaaS, PaaS, and IaaS environments. With Cyera, security teams always understand where their data is, who can access it, how it is secured and managed, and the exposures that increase their risk across domains and platforms. Cyera then automates remediation workflows to reduce the attack surface and ensure operational resilience at the speed and scale of the cloud.
Cyera's platform uses large language models to automatically discover, classify, and secure sensitive data, everywhere. The platform's unified policy engine identifies misconfigurations, recommends specific access controls, and generates new policies for data security, to assure compliance, and to govern sensitive data access. With the additional capital from this raise, Cyera will accelerate the development of its cloud-native operational platform, empowering security teams to manage all of their data security incidents, policies, controls and workflows across the data landscape.
"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, Accel. "This team is an innovation powerhouse adept at building impactful technology that protects critical data assets and is well aligned with its customers to address the data security issues that keep CISOs up at night."
Cyera has been recognized for its innovative approach to data security winning 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. This new investment will enable Cyera to accelerate the development of its data security platform and global go-to-market initiatives.
About Cyera
Cyera is the data security company that gives businesses deep context on their data, applying proper, continuous controls to assure cyber-resilience and compliance. Cyera takes a data-centric approach to security across your data landscape, empowering security teams to know where their data is, what exposes it to risk, and take immediate action to remediate exposures. Backed by leading investors, including Sequoia, Accel, Cyberstarts and Redpoint Ventures, Cyera is redefining how companies secure data in the cloud. To learn more, visit www.cyera.io.
SOURCE Cyera US
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