In recent news from New York, on September 24, 2024, Torq, a leader in AI-first security hyperautomation, proudly announced the successful closing of its $70M Series C funding round. Evolution Equity Partners led the funding round, joined by Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital. With this new influx of capital, combined with the expanded Series B funding earlier in January, Torq has now raised a total of $112 million in 2024. Since its inception in 2020, the company has amassed a total of $192 million in funding. Furthermore, Torq has set an ambitious target of achieving $100 million in ARR by 2026. The company intends to utilize the newly acquired funds to fuel expansion into the EMEA and APAC regions, recruit top-tier engineering, R&D, and sales professionals, and enhance their generative AI technologies.
Torq also reported a significant surge in revenue and customer acquisition for the second consecutive year. This growth can be attributed to the increasing adoption of the Torq HyperSOC solution by enterprises. The Torq HyperSOC leverages the AI-driven Torq Hyperautomation Platform to automate, manage, and monitor critical SOC responses swiftly. By utilizing Natural Language Processing (NLP), the platform can initiate and expedite security event investigations, triage, and remediation on a large scale, providing seamless case management capabilities and automating complex processes. This technology aims to alleviate analysts from alert fatigue and burnout, allowing them to focus on strategic security initiatives and innovation.
The company boasts a rapidly expanding customer base that includes major multinational corporations such as Abnormal Security, Armis, Blackstone, Carvana, and more. Ofer Smadari, the CEO and co-founder of Torq, expressed his enthusiasm about the company’s growth and the positive impact of their Hyperautomation and HyperSOC solutions. The innovative approach of Torq is revolutionizing the cybersecurity industry, filling gaps left by traditional SOAR solutions and providing advanced AI-driven protection.
Jonathan Fischbein, the CISO of Check Point, praised the automation capabilities of the Torq HyperSOC, highlighting its ability to address internal security alerts without human intervention. Industry experts also commended Torq’s Partner Acceleration Program, which collaborates with leading channel and security vendors to drive growth and expand market reach.
Key analysts from renowned firms such as Gartner, Forrester, IDC, and GigaOm have unanimously recognized the value of Torq’s Hyperautomation platform. They acknowledge its ability to mitigate security challenges faced by SOC professionals and enhance proactive security measures. Analysts also lauded Torq’s comprehensive feature set and its impact on customer operations.
Overall, Torq’s groundbreaking approach to cybersecurity through AI-first hyperautomation is reshaping the industry landscape. The company’s success in delivering innovative solutions has earned recognition and praise from customers, partners, and industry analysts alike. With a focus on continuous innovation and customer satisfaction, Torq is poised to lead the way in transforming cybersecurity for the better.