A lot has changed since we first announced our investment in Cyera just over a year ago. Back then, we wrote about how the cloud revolution was already in full swing - AWS alone is now at $85B of run-rate revenue. Wide-ranging cloud adoption continues to grow, and with it the data volumes essential for business decisions and emerging technologies, like generative AI. While cloud has created true step-changes in innovation, it also requires new tools to identify and manage security concerns.
The new modern stack to protect enterprise cloud environments centers on a few core technologies: AI-based endpoint and XDR protection (Crowdstrike), application security built for developers (Snyk), and security posture management for identifying risks. But a critical focus area has long been overlooked: data.
The world's data volume continues to grow exponentially, tripling from 2020 to 2025 to 175 Zettabytes. The migration of this data is well underway, with 60% of corporate data already sitting in the cloud. While data has become a core asset for nearly all businesses and will become even more valuable with the rapid rise of AI, the associated risk of exposure and compliance mismanagement will continue to compound at a similar (if not greater) pace.
Compliance pressures, such as GDPR and CCPA, are becoming more stringent and make identifying and securing data a priority. To manage this, organizations are required to understand the content, location, security policies, and potential leakage of their data. Recognizing this looming problem that all organizations have to address, we surveyed the market for companies building a cloud-native way to solve these problems and co-led the Series A in Cyera a year ago.
Working closely with organizations such as ACV Auctions, Cboe, LifeLabs, Mercury Financial, and UTA, Cyera’s product has evolved into the leading cloud data security platform on the market. By using AI and large language models to discover, classify and secure cloud data, Cyera ensures cyber resilience and compliance for its large enterprise customers.
At Accel, we firmly believe that exceptional companies can emerge from anywhere worldwide, and Tel Aviv has long established itself as a prominent global hub for cybersecurity. Since our initial Series A investment, data security has become a top priority for CISOs, the market has hit an inflection point, and Cyera has grown its revenues by over 8x.
Today, we’re thrilled to continue our partnership, leading a $100m Series B to accelerate Cyera’s development globally. Cyera exhibits the same enduring qualities seen in companies within our portfolio, such as Atlassian, CrowdStrike, Snyk, UiPath, and others. We were fortunate to collaborate with these companies as they built world-class products and businesses, and with great excitement look forward to our continued journey with Yotam, Tamar, and the rest of the Cyera team.