Data security startup Sierra is seeking additional funding at a valuation of $20 billion, The Information reported on Oct. 29 local time.
If the investment is completed, Sierra's valuation would rise to nearly double its current level, the report said. The talks are at an early stage, it added.
The Information said the negotiations are taking place four months after its last funding round, showing growing interest in cybersecurity as AI threats and spending on security products increase.
Sierra, which is headquartered in New York, is in its fifth year since founding. It provides security solutions that use AI to protect corporate data from AI-based attacks.
Sierra's products find and track sensitive data across customer cloud storage, databases and email systems. It alerts IT staff if there is a risk that data could be exposed or leaked. Insurer Blue Cross Blue Shield, entertainment company Paramount and restaurant chain Chipotle are among Sierra's customers.
Chi-gyu Hwang
delight@d-today.co.kr