Torq Announces $70M Series C Bringing Total 2024 Funding to $112M

PRESS RELEASE

NEW YORK, September 24, 2024 –Torq, the AI-first security hyperautomation leader, today announced the closing of its $70M Series C funding round, led by Evolution Equity Partners, with Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital participating. Combined with Torq’s expanded Series B in January, Torq has raised a total of $112m in 2024, bringing the company’s funding since its 2020 inception to $192M. It also has also established an aggressive 2026 ARR target of $100M. Torq will use the new round to increase expansion across EMEA and APAC, hire additional world class engineering, R&D, and sales talent, and double down on devoting more resources to deliver cutting-edge generative AI enhancements.

In addition, Torq announced that it more than tripled its revenue and customer growth for the second year in a row. Torq’s momentum reflects the elevating enterprise adoption of the recently-announced Torq HyperSOC, a purpose-built solution that harnesses the power of the AI-driven Torq Hyperautomation Platform to automate, manage, and monitor critical SOC responses at machine speed. It uses Natural Language Processing (NLP) to initiate and accelerate security event investigation, triage, and remediation at scale, deliver comprehensive case management capabilities with unprecedented ease, and automate complex processes. Torq HyperSOC saves analysts from alert fatigue and job burnout so they can focus on strategic security initiatives and innovation. 

Rapid Global Enterprise Adoption

Torq’s customer base includes major multinational enterprise customers, including Abnormal Security, Armis, Blackstone, Carvana, Check Point Security, Chipotle, Deepwatch, Lemonade, Lennar, Nubank, Rivian, SentinelOne, Telefonica, Wiz, and ZoomInfo, as well as Fortune 100 consumer packaged goods, fashion, financial, hospitality, and sports apparel companies.

“Our Series C round underlines the fact that Torq customers, partners, and employees have combined into one of the most powerful, influential, and fastest-growing ecosystems in all of cybersecurity,” said Ofer Smadari, CEO and co-founder, Torq. “We’ve rewritten the rules of the industry with Torq Hyperautomation and Torq HyperSOC, and our momentum reflects that shift. Torq has blown past all the frustrating, manual limitations of legacy SOAR that leave significant holes in the security perimeter. Torq plugs all those holes by delivering a new layer of AI-driven protection, all while making all of security operations more productive than ever.”

“Today, Torq HyperSOC investigates, triages, and remediates many of Check Point’s internal security alerts without any human intervention,” said Jonathan Fischbein CISO, Check Point. “If an alert meets certain parameters based on organizational security policies, the platform takes relevant predefined steps, such as initiating an MFA challenge or locking out a suspicious user. We can react automatically to problems before they become security incidents.”

“The incredible growth, customer traction, and industry momentum Torq Hyperautomation and Torq HyperSOC are experiencing showcases how Torq is dramatically transforming cybersecurity for the better,” said Richard Seewald, Founder and Managing Partner, Evolution Equity Partners. “Evolution is incredibly proud to back Torq as it continues to deliver such deep value for security operations teams worldwide. It’s now no longer a question of if, but when every enterprise will adopt AI-driven hyperautomation.”

Torq’s customer base also continues to rapidly grow due to the success of the Torq Partner Acceleration Program, which includes many of the world’s leading channel and security vendors. Torq tech alliance partners include Abnormal Security, Check Point, CrowdStrike, SentinelOne, Snyk, and Wiz. Its reseller and VAR ecosystem includes GuidePoint Security, Optiv, Stratascale, and Trace3.

“Torq is a rising star in cybersecurity,” said Oren Yunger, Managing Partner, Notable Capital. “Torq HyperSOC’s advanced AI capabilities are having a dramatic, positive impact on security operations teams worldwide by making them vastly more efficient and resilient than ever. Torq represents the next-generation of security operations and Notable Capital is certain the future is phenomenally bright for the company.”

Key Analysts Unanimously Validate Torq Hyperautomation

Analysts including Gartner, Forrester, IDC, and GigaOm all covered Torq Hyperautomation during 2024, with unanimous perspectives on the positive impact it’s making for customers.

“Every day, IDC is engaged with SOC professionals who communicate the existential challenges they’re facing, both in terms of keeping up with ever-escalating threat complexity and volume, and the incredible burden that places on the shoulders of their teams,” said Chris Kissel, Vice President, Security & Trust Products, IDC Research. “Torq is the first solution we’ve seen that effectively enables SOC professionals to mitigate issues including alert fatigue, false positives, staff burnout, and attrition. We are also impressed by how its AI augmentation capabilities empower these staff members to be much more proactive about fortifying the security perimeter.”

“Torq offers an extensive feature set, as reflected in its high scores across most of the key criteria, including case management, and collaboration, automated alert prioritization, triage and curation, autonomous operations, and validation and red teaming, and has acquired an impressive portfolio of customers,” said GigaOm in a 2024 Radar Report.

Learn more about Torq at Torq.io.

About Torq

Torq is transforming cybersecurity with its AI-first  enterprise-grade hyperautomation platform. By connecting the entire security infrastructure stack, Torq empowers organizations to instantly and precisely remediate security events, and orchestrate complex security processes at scale. Fortune 500 enterprises, including the world’s biggest financial, technology, consumer packaged goods, fashion, hospitality, and sports apparel companies are experiencing extraordinary outcomes with Torq.