Cyera, the data storage security company, is closing a massive $300 million funding round at a valuation of $12 billion. Despite being far from profitable, this deal values Cyera at an eye-watering 80 times its annual recurring revenue (ARR). The new influx will bring Cyera’s total capital haul to at least $2 billion, five months after its last series F raised $9 billion.

This latest round, led by Evolution Equity Partners and including participation from existing big-hitters like Blackstone, Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others, showcases the growing demand for robust data security as enterprises face increasing threats from AI-powered attackers.

Founded in 2021, Cyera has already added 500 jobs this year to support its ambitious growth plans. The company is clearly not just hiring for the sake of it; part of that spend goes towards acquiring other cybersecurity startups like Index Ventures-backed Ryft and the less than a year-old Genie Security.

Evolution Equity Partners, despite being approached, did not comment on the deal. Meanwhile, Cyera’s spokesperson dismissed claims made about its ARR as ‘factually and significantly inaccurate’. With this funding round, it seems Cyera is betting big on the future of data security in an era where AI can be both friend and foe.