The company is negotiating a valuation that is nearly double what it was four months ago.
According to people familiar with the matter, five-year-old cybersecurity startup Cyera, which focuses on protecting enterprise data from AI-driven cyberattacks, is in talks with investors for a new funding round that would nearly double its valuation to $20 billion. The negotiations are still at an early stage.
These funding talks are taking place against the backdrop of surging corporate security spending driven by AI-powered vulnerability discovery, which has brought unprecedented attention to the cybersecurity industry.
A company spokesperson declined to comment, and its financial performance is not yet publicly available.
The New York-based company was founded by Yotam Segev and Tamar Bar-Ilan, both of whom come from Israel's elite military intelligence Unit 8200.
The company completed a funding round in June of this year at a valuation of $12 billion, raising $600 million; an additional $400 million was added to that round last month. It remains unclear how much Cyera plans to raise in this new round.
Cyera uses artificial intelligence technology to protect enterprise data against attacks. Its products scan clients' cloud storage, databases, and email systems to identify and track sensitive data. When data is at risk of being leaked or stolen, the system alerts IT administrators.
Cyera's clients include insurance giant Blue Cross Blue Shield, entertainment company Paramount, and restaurant chain Chipotle.
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