Data storage security company Cyera is finalizing a round led by Evolution Equity Partners of at least $300 million at a $12 billion valuation, according to four people with knowledge of the deal.

Calcalist was first to report the funding deal, although TechCrunch’s sources added new details about the company and its financials.

Cyera has surpassed $150 million in annual recurring revenue (ARR), three people familiar with the matter told TechCrunch, though it remains far from profitable. The deal values Cyera at 80 times its ARR, a multiple that’s even higher than investors assign to many fast-growing AI startups.

Sources told TechCrunch the company is spending money faster than it makes it. Some of those costs are directed at hiring sales staff. According to Pitchbook, Cyera has added 500 jobs so far this year.

Cyera’s spokeperson said that “the numbers cited are factually and significantly inaccurate.” Evolution Equity Partners didn’t respond to a request for comment.

The new round is expected to come just five months after Cyera announced that it had raised a $400 million Series F at a $9 billion valuation led by Blackstone with participation from existing investors, including Accel, Coatue, Lightspeed, Redpoint, Sapphire, Sequoia, Cyberstarts, and others. The upcoming round will bring Cyera’s total capital haul to at least $2 billion.

Cyera, which was founded in 2021, has benefited as enterprises turn to its platform to safeguard their data from attackers weaponizing AI. When it announced its Series F, the company claimed its customers comprised one-fifth of the Fortune 500, and its revenue had more than tripled in 2025.

In recent months, the company has used its capital to finance operating losses as well as acquire other cybersecurity startups, including Index Ventures-backed Ryft and a less than one-year-old Genie Security.

The Huntington Beach defence-tech startup, run by a 22-year-old MIT dropout, has raised a $300M Series C at a $1.8bn valuation, nearly 4x its mark from June 2025.

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Mach Industries, the three-year-old defence-tech startup run by 22-year-old founder and chief executive Ethan Thornton, has raised a $300m Series C at a $1.8bn valuation, nearly four times the $470m valuation it hit when Sequoia and Khosla Ventures led its $100m round in June 2025.

The round was co-led by Ribbit Capital and the deep-tech-focused Infinite Capital, with Bedrock, Sequoia and Khosla following on. The funding lands inside what is now an unmistakable Pentagon push toward what defence officials are calling “drone dominance”.

The Mach trajectory is itself worth pausing on. Thornton dropped out of MIT in 2023 to start Mach as a teenager; the company has grown from roughly a dozen employees in its first year to about 350 today. Its core production facility sits in Huntington Beach, California, with a 115,000-square-foot manufacturing footprint and additional design-and-production locations elsewhere.

The product roadmap now spans five autonomous vehicles in development: Viper, a jet-powered vertical-takeoff vehicle; Glide, a high-altitude glider capable of launching weapons; Stratos, an airborne surveillance platform; Dart, a low-cost counter-drone interceptor; and Pike, a long-range munition-launch platform. The five-vehicle catalogue is unusually broad for a company at Mach’s stage.

The Pentagon-side context is the part that explains how a 22-year-old’s defence startup gets to $1.8bn in three years. The current US defence-procurement environment has shifted decisively toward cheap, attritable, AI-enabled drone systems over the past 18 months, on the explicit theory that future conflicts will be won by whichever side can produce more drones per dollar.

Mach’s low-cost Dart interceptor and Pike launch platform sit cleanly inside that procurement preference. Ukraine’s drone-war evidence and the Iran-Israel conflict of 2025 have, between them, produced the political case for sustained investment in the category at scale.

The valuation pop, in that frame, is not really about Mach as a company. It is about the size of the addressable market the Pentagon has now publicly committed to. Anduril hit $61bn earlier this year after winning a Pentagon enterprise agreement worth up to $20bn over 10 years. Shield AI reached $12.7bn on its autonomous-combat-pilot Hivemind business.

Berlin’s Stark is raising at €2.5bn, 18 months after founding. Helsing is now one of Europe’s five most valuable private tech firms. Defence-tech VC hit a record $49bn globally in 2025, roughly double the prior year. Mach’s $1.8bn is, against that backdrop, a relatively conservative re-rating rather than an aggressive one.

What is unusual about Mach specifically is the speed of operational scaling. Most defence-tech startups at $1.8bn valuations have either a single deeply specialised product (Hivemind for Shield AI, Lattice for Anduril, the SG-1 Fathom autonomous mini-submarine for Helsing) or a deep-government-customer programme that produces predictable revenue.

Mach is attempting five products simultaneously while still pre-revenue at scale. That is a meaningfully different risk profile from the established defence-tech unicorns; investors are betting Thornton can execute Anduril-scale manufacturing inside three years of company existence.

The cap-table composition is telling. Ribbit Capital, the fintech-and-crypto-anchored fund best known for backing Robinhood and Nubank, has been increasingly visible in deep-tech and AI-infrastructure deals over the past year, including Cognition and Crusoe. Infinite Capital is the explicit deep-tech vehicle in the round.

The pairing signals that Mach is being underwritten partly as a manufacturing-scale-up bet (Infinite Capital’s lane) and partly as a category-defining brand bet (Ribbit’s consumer-and-narrative lane). Both reads sit inside Thornton’s public framing of Mach as a generational US defence-manufacturing company rather than a single-product vendor.

The risk profile is, accordingly, asymmetric. If the five-vehicle roadmap delivers and Pentagon procurement commits at production scale, Mach plausibly reaches the multi-billion-dollar revenue tier the current valuation implies. If even two of the five vehicles fail to reach contracted production, the $1.8bn is exposed to substantial compression. The next 24 months of Pentagon contract-award disclosures will indicate which way the bet pays off.

Mach has not disclosed revenue figures or specific government contract values.

Mach Industries, the three-year-old defense tech startup run by 22-year-old founder and CEO Ethan Thornton, has raised a $300 million Series C at a $1.8 billion valuation, the company announced on Monday.

The raise nearly quadruples the valuation of the company in a year. In June 2025, Mach raised $100 million at a $470 million valuation. Other investors include Bedrock Capital, Sequoia Capital, and Khosla Ventures.

The round was led by deep tech fund Infinite Capital and Ribbit Capital, known for fintech and lately in hot deals everywhere — from AI coding startups like Cognition to neoclouds like Crusoe.

Since building autonomous weapons is a capital-intensive industry, Thornton began actively fundraising a couple of months ago, he told TechCrunch, and quickly discovered that the round would be popular with investors.

“We went out to raise 200 [million dollars] and we were extremely oversubscribed at 200 and happy with the price, so we decided to push up to 300. We’re still oversubscribed at the 300 mark,” Thornton said of the fundraising efforts.

Founded in 2023, Mach and its growth have been a wild ride for Thornton, who famously dropped out of MIT at 19 to start the company. VC enthusiasm is high for a few reasons. Other than AI, defense tech is a hot area for investment right now as newfangled autonomous weapons and drone defense systems prove themselves in battle in Ukraine.

Mach has also become prolific in its short time. The Huntington Beach, California-based company now has five autonomous vehicles in development: Viper, a jet-powered vertical takeoff vehicle; Glide, a high-altitude glider capable of launching weapons; Stratos, an airborne surveillance platform; Dart, a low-cost counter-drone interceptor; and Pike, intended for launching long-range munitions. Production is expected to begin next year on at least three of these systems, the company says.

Plus, just this week, it won a Department of Defense contract to create a new, sixth vehicle that the startup has never discussed publicly, Thornton tells TechCrunch. The contract is from the Defense Innovation Unit (DIU) to develop the Navy’s new “runway-independent strike aircraft,” as the startup describes it.

This will be for a very large aircraft, Thornton says, that could have applications in the commercial industry, too.

It has also grown from about a dozen employees in its first year to about 350 employees today, has a 115,000-square-foot manufacturing facility in Huntington Beach, and design and production facilities in a number of other locations.

“So by the end of this year, in 2026, we will have brought on four new production facilities,” Thornton said.

But another reason VCs wrote big checks is that last month, Mach orchestrated an industry coup (excuse the pun) when it acquired solid rocket motor (SRM) startup Exquadrum in a $50 million cash-and-equity deal, as TechCrunch previously reported. It beat out upward of eight other potential buyers, the startup said.

There’s an acute shortage of SRMs as drones create unprecedented demand in a market controlled by two of the major prime defense contractors, Aerojet Rocketdyne and Northrop Grumman. The lead times for purchasing can stretch years.

With this buy, Mach controls its own destiny for rocket motors and also launched a new commercial business, Mach Energetics, to sell the engines. While Thornton declined to share revenue, he said the current mix is 50/50 between selling to the government and selling to other companies.

Thornton remembers a moment last year when all the fast growth of the company really hit him. Two years ago, the all-hands meetings were held in the conference room with “like 12 people,” he said. “At our two-year party we had like 200 plus chairs and it was standing-room only.”

Still, he said, he’s most proud of the speed of product development. That is, after all, the entire reason for his company and for the defense tech industry. The idea with these startups, backed by tech VCs, is to bring faster, more affordable products to the military and related commercial uses, as opposed to the expensive, bespoke offerings that legacy prime defense contractors offer.

“Traditionally, it’s four years to build a jet engine. That’s about the fastest you can find in this space. And we went from no team to building a team to a jet engine firing in about eight months,” Thornton said.