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.