Cyera eyes $12B valuation at 80x ARR multiple despite operating losses

Cyera completes a $300 million funding round at a $12 billion valuation, valuing the company at 80 times its annual recurring revenue. The company has surpassed $150 million in ARR, though it remains unprofitable and is spending faster than it earns. The deal reflects a multiple higher than typical for AI startups, driven by aggressive sales hiring and 500 new jobs added this year. Despite the high valuation, Cyera's spokesperson disputes the accuracy of the financial figures, and Evolution Equity Partners has not commented. The round follows a $400 million Series F raised five months prior at a $9 billion valuation, led by Blackstone.