Cyera Ltd., a startup that helps organizations find and protect sensitive data in cloud environments, has closed a $300 million funding round.
The company's Series C funding announcement today comes about two weeks after reports first emerged that it was raising new capital. Mr. Coatue led the round at a valuation of $1.4 billion with participation from over six other backers. He is the venture capital arm of AT&T Inc., with Accel and Sequoia Capital among the participants.
Information in large enterprises is often spread across dozens or hundreds of applications. As a result, identifying data that may be stored in insecure locations or that may violate privacy regulations can be a very time-consuming task. This task is further complicated by the fact that employees regularly make changes to their business records. This means new vulnerabilities may emerge over time.
New York-based Cyera offers a data security platform that promises to address these challenges. The company says its algorithms can scan an organization's cloud-based file sharing tools, databases and other applications for sensitive records. Cyera then identifies records that may be stored in violation of cybersecurity requirements or privacy regulations.
The platform can search datasets that are stored in an unencrypted format or that may be accessible via the public web. It also detects more subtle issues, such as when sensitive files may be shared with inactive employee accounts. Inactive accounts pose unnecessary risks as hackers can compromise and gain access to your data.
Even files stored according to corporate cybersecurity regulations can potentially pose a risk. Over time, someone working on the file can change its settings, making it accessible to hackers. Alternatively, they may make a copy and move it to an application with a vulnerable configuration.
Cyera says its platform continuously collects information about customers' data environments and discovers new risks to existing files. The software can do this without installing any agents or data collection programs on the corporate network. This allows administrators to easily set up Cyera's platform in their organization's cloud deployments.
Cyera can automatically generate remediation suggestions when it discovers cybersecurity issues. It also provides information about the severity of the issue and the systems that could be affected by the potential breach. According to the company, this information helps administrators prioritize remediation efforts and resolve the most urgent issues first.
Cyera says it not only reduces the risk of a breach, but also helps companies reduce infrastructure costs. The company's platform can identify unnecessary copies of files that are not actively used by employees. Deleting such records reduces a company's attack surface and storage costs.
Yotam Segev, co-founder and CEO of Cyera, said: “CIOs and CISOs know that to succeed and survive in the new AI-driven world, it is imperative that all corporate data is absolutely protected (pictured, left, Co-Founder and Chief Technology Officer “At Cyera, we are working closely together to solve this problem for some of the world's largest companies.”
Cyera's latest funding round comes less than a year after it closed on a $100 million investment led by Accel. At the time, the company revealed that its revenue had increased eight times over the past year. Cyera will use the proceeds from its latest funding to hire more workers and expand the platform's feature set.
Photo: Sierra
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