Cyera, a data security firm with a heavy focus on AI, has pulled in a substantial £100m funding raise in its recent Series B.
The round was led by Accel, with participation from existing investors Sequoia and Cyberstarts. Redpoint Ventures also joined the funding round, bringing the total investment raised by the company since it emerged from stealth mode in March 2022 to a healthy £160m.
Cyera is a data security firm that is strategically aligning itself with the growing need for robust data security in an age where generative AI technologies like ChatGPT are rapidly being adopted by enterprises. Their focus is on providing the foundational capabilities for these enterprises to maximise the power of their data, while ensuring that user privacy and intellectual property remain protected.
The newly raised funds will be deployed towards accelerating the development of Cyera’s cloud-native operational platform. This enhancement will empower security teams to manage all of their data security incidents, policies, controls, and workflows across their respective data landscapes.
In the previous year, Cyera has made significant strides in the industry, boasting an 800% revenue growth and earning the trust of S&P 500 enterprises. The firm has a clear vision of enabling every business to utilise the full potential of their data using AI, and this massive investment is seen as validation of their path towards achieving this goal.
According to Philippe Botteri of Accel, “The team is an innovation powerhouse adept at building impactful technology.” This sentiment is echoed by users of Cyera’s services. Michael Kiethley, Chief Information Officer at United Talent Agency said, “Cyera’s AI-powered data security platform is enabling us to infuse data literacy into our cloud development and security strategy.” Similarly, 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.”
Prior to this Series B round, the company had raised £60m. The company’s robust performance and rapid growth in revenue have certainly played a key role in attracting such a substantial investment.
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