Cybereason cuts valuation by more than 90%, loses unicorn status

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Cybereason cuts valuation by more than 90%, loses unicorn status
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The startup had been valued at $2.7 billion by Steve Mnuchin's new investment firm.

Boston-based cybersecurity "unicorn" Cybereason earlier this month announced $100 million in new funding from existing investor SoftBank.was that the new Series G shares were sold at more than a 90% discount to Cybereason's prior round in mid-2021, when it was valued at around $2.7 billion, according to a Delaware stock authorization form first noticed by Nasdaq Private Market.

Gan sent the following message to Axios: "In a down tech market, the company looked at many alternatives, but ultimately our commitment is to the shareholders and being able to fully fund our business. Coupling this new round with a new management team and focus on product innovation sets the company up for long-term growth, making the overall share price or even valuation not as important as our disciplined focus on the company.

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