- The recently concluded Series B funding round, led by Accel, has increased the total capital raised by Cyera US Inc. since its inception to USD 160 million.
- Cyera’s algorithms utilize these built-in data definitions to analyze new records and assess whether they may contain sensitive information.
Data security startup Cyera US Inc. secures USD 100 million in recent funding from prominent backers to support its rapid growth.
The recently concluded Series B funding round, led by Accel, has increased the total capital raised by the startup since its inception to USD 160 million. Other notable participants in the round included Sequoia, Redpoint Ventures, and Cyberstarts.
With the newly acquired capital, Cyera plans to improve its cybersecurity platform. This innovative platform utilizes large language models to compile an inventory of scattered datasets found within a company’s Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS) environments. The models also identify and highlight sensitive records that may be stored insecurely.
Detecting certain types of sensitive records, such as credit card numbers, can be straightforward due to their standardized format. To detect these types of records, detection algorithms must locate every item of data that matches the specified format.
However, the structure and content vary greatly regarding sensitive records like user passwords. This variability presents a challenge for detection algorithms, as there is a higher risk of inadvertently overlooking such information. Consequently, this limitation hampers enterprises’ efforts to track their data assets effectively. Cyera’s platform offers a solution to overcome these obstacles by addressing this challenge.
Within the platform, there are numerous predefined data types available. Cyera’s algorithms utilize these built-in data definitions to analyze new records and assess whether they may contain sensitive information. Moreover, the platform automatically refines its data definitions by leveraging a company’s internal data resources. This adaptive approach significantly enhances detection accuracy, improving the platform’s effectiveness.
Upon mapping out all sensitive files in a company’s cloud environments, Cyera’s platform searches for insecure records. Their AI algorithms are engineered to detect potential cybersecurity vulnerabilities, making it a comprehensive and highly effective cybersecurity solution.
The platform can detect even the most critical security misconfigurations with its advanced capabilities, such as password-less accessibility to cloud storage environments. It can also identify situations where multiple users have access to sensitive records that are necessary. By limiting the number of employee accounts with the ability to download sensitive data, companies can also minimize cyber-attack vulnerability.
According to Cyera, its platform is also adept at identifying more nuanced cybersecurity risks.
In the software development process, it is common for teams to create replicas of production applications for code testing. Generally, these replicas are intended to exclude any sensitive records in the original application. However, in practice, there are instances where these records can inadvertently be duplicated.
Cyera is able to detect when records are improperly retained within a system. In addition, the platform can detect datasets that may be stored by a company’s cybersecurity policies but do not satisfy necessary regulatory requirements. To comply with regulations, certain data types must be stored within the jurisdiction where they were produced.
Upon identifying potential data risks, the platform maps them out and offers practical recommendations to resolve them. Additionally, the platform is designed to automate several tasks involved in remediating cybersecurity issues.
Very recently, Yotam Segev, the Chief Executive Officer and Co-founder, wrote in a blog post, “Cyera is building the data security platform for the cloud era. We moved away from pattern matching and implemented AI-based classification. We are replacing legacy on-prem deployments, agents, and connectors with a cloud-native architecture.”
According to the company, its platform has witnessed “significant traction” among S and amp;P 500 enterprises in the past year. Additionally, during this period, the company asserts an eightfold increase in revenue, although it did not provide further details.
Cyera plans to allocate funds from its recently concluded funding round to expand its workforce. Furthermore, the company aims to accelerate its product development initiatives.