April 9 (Reuters) - Israel's data security firm Cyera has tripled its valuation to $1.4 billion in less than a year as it raised fresh capital in a series C funding led by U.S. tech-focused fund Coatue Management.
Cyera, founded in 2021 and backed by venture capital firms Sequoia Capital and Accel, raised $300 million, taking its total funds raised so far to $460 million, the company said on Tuesday.
The rapid adoption of artificial intelligence has resulted in companies spending more to protect their systems from hack, leading to higher demand for firms such as Cyera that provide data security using its AI-driven platform.
The funding is a rare bright spot for Israeli startups that are facing a decline in funding over the last one year as planned judicial reform and war with Hamas in Gaza deter several investors, according to an annual report by Startup Nation Central.
The latest funding was also joined by new investors - Spark Capital, Georgian and AT&T Ventures - along with existing investors Sequoia, Accel, Redpoint and Cyberstarts.
Cyera had raised $100 million at a valuation of $500 million in June last year.
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