Cyera, the AI-focused data security startup founded in 2021, is closing a funding round of at least $300 million led by Evolution Equity Partners that would value the company at $12 billion, according to four sources familiar with the deal. The figure represents an eye-popping 80x multiple on the company's annual recurring revenue, which has surpassed $150 million — a richer valuation mark than what many investors assign to even the fastest-growing artificial intelligence startups. Notably, Cyera remains significantly unprofitable and is burning through capital faster than it brings in, with much of that spending tied to a sales force expansion that, according to PitchBook, has added roughly 500 jobs since the start of 2026. A spokesperson for Cyera pushed back, telling TechCrunch that "the numbers cited are factually and significantly inaccurate," while Evolution Equity Partners declined to comment. If completed, the round would come just five months after Cyera announced a $400 million Series F in January 2026 that valued it at $9 billion and was led by Blackstone. That earlier financing drew participation from a who's-who of venture capital, including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, and Cyberstarts. The new deal would push Cyera's cumulative capital raised past the $2 billion mark, underscoring investor appetite for companies building defenses against attackers who are themselves leveraging AI to breach enterprise data stores. Cyera's pitch has clearly resonated with corporate buyers — the company has said its customers include roughly one-fifth of the Fortune 500, and it claims revenue more than tripled in 2025. To accelerate growth, Cyera has also been deploying its war chest on M&A, acquiring Index Ventures-backed Ryft and the less-than-one-year-old Genie Security in recent months. The 80x ARR multiple being floated for this round stands out even in a frothy market for AI-adjacent security vendors, raising fresh questions about how long investors will tolerate steep losses at companies still trying to convert enterprise demand into sustainable margins. Calcalist was first to report the funding deal, with TechCrunch adding the financial and operational details.