Cyera’s Series C Funding Reels USD 300M

Highlights:

• According to Cyera Ltd., its algorithms can scan an organization’s cloud-based file-sharing tools, databases, and other applications to identify sensitive records. Cyera then identifies records that may be stored in breach of cybersecurity requirements or privacy regulations.
• Cyera states that its platform continually gathers information about customers’ data environments to identify new risks associated with existing files.

Cyera Ltd., a startup assisting organizations in locating and safeguarding sensitive data within their cloud environments, has concluded a USD 300 million funding round.

The Cyera’s Series C funding announcement was raised recently – approximately two weeks after reports initially surfaced regarding its raising new capital. Coatue spearheaded the round at a valuation of USD 1.4 billion, with involvement from over half a dozen additional backers. AT and T Inc.’s venture capital arm, Accel, and Sequoia Capital were among the participants.

Information within large enterprises is frequently dispersed across numerous applications, from dozens to even hundreds. Consequently, identifying data that may be stored insecurely or violating privacy regulations can become extremely time-consuming. The task is further complicated by the regular modifications made by workers to business records, resulting in the potential emergence of new vulnerabilities over time.

Cyera, headquartered in New York, provides a data security platform to tackle these challenges. According to the company, its algorithms can scan an organization’s cloud-based file-sharing tools, databases, and other applications to identify sensitive records. Cyera then identifies records that may be stored in breach of cybersecurity requirements or privacy regulations.

The platform can locate datasets that are stored in an unencrypted format or might be accessible through the public web. It also identifies more subtle issues, such as instances where a sensitive file might be shared with an inactive employee account. Inactive accounts pose an unnecessary risk, as hackers can potentially compromise them, resulting in unauthorized data access.

Indeed, even a file stored in compliance with a company’s cybersecurity protocols has the potential to become a risk. Over time, the settings of the file may be altered by the workers who interact with it, potentially enabling hackers to gain access. Alternatively, they might create copies and transfer them to an application with vulnerable settings.

Cyera states that its platform continually gathers information about customers’ data environments to identify new risks associated with existing files. The software can achieve this without installing agents or data collection programs within a company’s network. This makes it simpler for administrators to implement Cyera’s platform within their organizations’ cloud deployments.

Cyera is able to generate remediation recommendations automatically following the detection of a cybersecurity issue. Additionally, it furnishes details regarding the extent of the problem’s severity and the systems that may be impacted in the event of a breach. According to the company, this information aids administrators in prioritizing their remediation efforts, allowing them to address the most urgent problems first.

In addition to mitigating the risk of breaches, Cyera asserts that it can also assist enterprises in reducing infrastructure costs. The company’s platform can identify unnecessary file copies that employees don’t actively utilize. Deleting such records minimizes a company’s attack surface and lowers storage expenses.

Yotam Segev, CEO and Co-founder of Cyera said, “CIOs and CISOs are realizing it is critical that they secure all of their enterprise data as an absolute necessity in order to thrive and survive in a new AI-driven world. Cyera is working closely and solving this problem for the world’s largest enterprises.”

Cyera’s Series C funding comes less than a year after it secured a USD 100 million investment led by Accel. At the time, the company revealed that its revenue had surged by a factor of eight over the past year. Cyera plans to utilize the proceeds from its latest raise to recruit more employees and enhance its platform’s feature set.