Cyera Secures $100 million in Series B Funding to Enhance Its AI-Driven Data Security Solutions
In Brief
This funding round was primarily driven by Accel, with existing backers Sequoia and Cyberstarts participating alongside new investor Redpoint Ventures.
With this latest influx of capital, Cyera has raised a total of $160 million since its inception.
By leveraging AI and machine learning technologies, Cyera effectively categorizes data and gauges associated risks, allowing security teams to implement the right protective measures.
The data security firm Cyera has raised $100 million in a Series B funding round, led by Accel and including contributions from Sequoia, Cyberstarts, and newcomer Redpoint Ventures.
With this funding, Cyera’s total capital raised has reached $160 million, following its emergence from stealth last March. The platform has reportedly experienced an 800% revenue growth within the last year, capturing significant attention from S&P 500 companies.
The new capital will accelerate the development of their operational platform designed for the cloud and bolster their global marketing efforts.
Cyera has developed an advanced data security solution that moves past the old methods of manually recognizing patterns and denying access; instead, it utilizes AI and machine learning to autonomously learn about and categorize data while contextualizing risks, allowing security teams to deploy effective security strategies.
Yotam Segev, the CEO and co-founder of Cyera, expressed in a recent post, 'The data security sector is overcrowded with solutions meant for on-premises security. The data loss prevention (DLP) market is fundamentally flawed by the assumption that users know the whereabouts of their data. Security teams are burdened with the task of manually defining patterns needed for tools that consume valuable time and resources yet do not succeed in safeguarding data, since they rely on the misconception that static rules can manage the constantly shifting landscape of data.' blog post .
Equipped with a centralized policy engine, Cyera’s platform adeptly spots misconfigurations, recommends specific access controls, and creates fresh data security policies. This holistic approach guarantees compliance and regulates access to sensitive data, enabling security teams to oversee all of their data security incidents, policies, controls, and procedures across the data ecosystem.
Among Cyera’s clients is the United Talent Agency (UTA), a well-known firm in entertainment representation. Michael Kiethley, UTA's Chief Information Officer, remarked that Cyera’s AI-driven data security system is instrumental in embedding data literacy into the agency’s strategies for cloud development and security.
Philippe Botteri, a partner at Accel, commented, 'Cyera significantly outperforms its competitors in this field, already leveraging groundbreaking technologies such as generative AI and natural language processing.'
Since its inception, Cyera has garnered numerous accolades, including the 2022 CISO Choice Award for Data Security, Best Enterprise Data Loss Prevention (DLP) Solution, and the 2023 Data Security Platform of the Year. Recently, Cyera introduced a new tool designed to safeguard user privacy during ChatGPT usage. This innovative tool anonymizes sensitive input during ChatGPT interactions to prevent misuse and unintentional data leaks and is available to download as a Chrome extension. SafeType Please remember that the information shown on this page is not meant to serve as legal, taxation, investment, financial, or other types of advice. It's essential to invest only what you can afford to lose and to seek independent financial guidance if you're uncertain. For more clarity, we recommend consulting the terms and conditions along with the help and support pages offered by the issuer or advertiser. MetaversePost strives for accurate and impartial reporting, but be aware that market conditions can change without notice.
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In line with the Trust Project guidelines Cindy, a journalist at Metaverse Post, covers a range of topics including web3, NFTs, metaverse developments, and AI innovations, focusing on interviews with leading figures in the Web3 realm. She has conducted in-depth conversations with over 30 C-level executives and continues to share their insights with readers. Originally hailing from Singapore, Cindy currently resides in Tbilisi, Georgia, holding a Bachelor's degree in Communications & Media Studies from the University of South Australia and boasting ten years of experience in journalism and writing.
