Cyera is reportedly a now $12 billion company amid concerns about artificial intelligence (AI)-related cyberthreats.

The data security company reached that valuation after raising $400 million from Goldman Sachs Growth Equity, The Wall Street Journal (WSJ) reported Tuesday (Sept. 22).

“The urgency in the market for solutions has grown 10-fold,” Yotam Segev, chief executive and co-founder of Cyera, told the WSJ.

He added that investor enthusiasm is in keeping with demand from corporate customers, as Cyera recently signed its first client spending more than $10 million per year with the firm.

The WSJ note that while big cybersecurity fundraising rounds are growing more common, Cyera’s stands out even in a sector flooded with capital. Cybersecurity/privacy startups took in $10.6 billion globally in the first half of this year, with more than 20 companies raising rounds of at least $100 million, the report said, citing Crunchbase data.

The report added that this new funding gives Cyera more dealmaking firepower, following its recent $1 billion cash-and-stock acquisition of Oasis Security, a company focused on managing nonhuman identities like AI agents and automated software tools.

Segev told the WSJ that Cyera plans to keep its eyes open for M&A opportunities, and while internal engineering will fuel most product development, the company continues to look at targets that could bolster its data-security platform.

“We want to be in a position to choose the right companies to expand the Cyera portfolio,” he said.

In January of this year, the company was valued at $9 billion in a financing round in which it brought in $400 million.

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