In today’s digital landscape, the exponential growth of data has become a challenge for enterprises worldwide. As businesses grapple with an ever-increasing volume of proprietary data, ensuring its security has become paramount. One startup that is making waves in the data security industry is Cyera. Founded by Yotam Segev and Tamar Bar-Ilan, both veterans of the Israel Defense Forces, Cyera aims to provide companies with greater visibility and protection over their sensitive data. With the recent closure of a $100 million Series B funding round led by Accel, Cyera is poised to revolutionize the way organizations approach data security.
The digital transformation accelerated by the COVID-19 pandemic has led to a staggering increase in the amount of data that enterprises need to handle. According to a survey, companies experience an average monthly growth in data volume of 63%, with some reporting a staggering 100% growth. As the data grows, it becomes increasingly difficult for organizations to keep track of it and ensure its security. Legacy solutions are struggling to keep pace with data creation, sprawl, and evolution in the cloud era.
Cyera distinguishes itself from other data security posture management (DSPM) vendors through its holistic and AI-powered platform. While other startups in the space have limited capabilities, Cyera leverages an OpenAI large language model to deliver context and understanding of the data a company manages. This powerful model can discover, classify, and identify different types of data, providing insights into its role and origin. Cyera’s platform also addresses exposures, posture issues, and risks associated with overly permissive access to data.
The emergence of DSPM startups like Cyera is closely tied to the exponential growth of data under enterprise management and the increasing adoption of cloud technologies. According to a recent O’Reilly survey, 90% of businesses said they will be utilizing cloud computing in 2021, a substantial rise from the year before. According to Gartner, by 2027, more than 50% of businesses would use sector-specific industry cloud platforms.
Despite being a relatively small team of 100 employees, Cyera has gained strong traction among the S&P 500 since its launch. The company experienced “double-digit” customer growth in Q4 2022 alone and achieved a remarkable 800% revenue growth in 2022. To support its continued growth, Cyera plans to expand its team to 150 people by the end of the year.
Cyera’s comprehensive cloud data security coverage extends across software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS) environments. The platform offers complete visibility and protection, empowering businesses to be more agile and innovative while mitigating risks associated with data theft. In 2024, Cyera plans to introduce on-prem support, further expanding its coverage and capabilities.
In addition to its core platform, Cyera offers a browser extension called SafeType. This extension anonymizes sensitive data typed into OpenAI’s AI-powered chatbot, ChatGPT. With privacy concerns surrounding AI tools like ChatGPT, SafeType ensures that sensitive data is automatically detected and prevented from being sent to the chatbot. This feature addresses the growing need for privacy and compliance in the digital era.
With the recent $100 million investment, Cyera plans to invest in engineering talent and research and development (R&D). The company is committed to continuous innovation and staying at the forefront of data security technology. Cyera’s focus on AI-powered solutions and novel technical innovations sets it apart from other DSPM vendors who struggle to scale and provide comprehensive data security.
While the broader cybersecurity landscape has seen a decline in funding for startups, Cyera’s impressive funding round demonstrates the enthusiasm and confidence surrounding its platform. The move to distributed work and increased reliance on software-as-a-service (SaaS) collaboration platforms during the pandemic has heightened the need for effective data security. Legacy solutions are falling short in keeping up with the evolving data landscape, creating an opportunity for innovative startups like Cyera.
As enterprises grapple with the challenges of managing and securing their ever-growing volume of data, Cyera’s platform offers a comprehensive solution. By leveraging AI-powered technology, Cyera provides deep context and understanding of the data a company manages, enabling detailed insight and remediations for security, privacy, and compliance exposures. With significant funding and a strong foothold in the market, Cyera is poised to revolutionize data security and empower businesses to navigate the complexities of the digital era with confidence.
Data security startup Cyera’s recent $100 million investment is a testament to the market’s recognition of the pressing need for innovative solutions in the data security space. Cyera’s commitment to addressing the shortcomings of legacy solutions and providing comprehensive cloud data security positions the company as a key player in the industry. With its AI-powered platform and unique offerings like the SafeType browser extension, Cyera is well-positioned to meet the evolving demands of enterprises and ensure the protection of their sensitive data.
First reported by TechCrunch.