Cyera eyes $12B valuation at 80x ARR multiple despite operating losses
Data storage security company Cyera is finalizing a round led by Evolution Equity Partners of at least $300 million at a $12 billion valuation, according to four people with knowledge of the deal.
Calcalist was first to report the funding deal, although TechCrunch’s sources added new details about the company and its financials.
Cyera has surpassed $150 million in annual recurring revenue (ARR), three people familiar with the matter told TechCrunch, though it remains far from profitable. The deal values Cyera at 80 times its ARR, a multiple that’s even higher than investors assign to many fast-growing AI startups.
Sources told TechCrunch the company is spending money faster than it makes it. Some of those costs are directed at hiring sales staff. According to Pitchbook, Cyera has added 500 jobs so far this year.
Cyera’s spokeperson said that “the numbers cited are factually and significantly inaccurate.” Evolution Equity Partners didn’t...
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