Torq Secures $42 Million in Series B Funding to Enhance Hyperautomation Cybersecurity Platform
Torq, a pioneering player in the hyperautomation cybersecurity sector, has successfully raised $42 million in an extension of its Series B funding round. The investment comes from notable backers, including Bessemer Venture Partners, GGV Capital, Insight Partners, Greenfield Partners, and Evolution Equity Partners. This latest infusion brings Torq’s total funding to $120 million, which will be directed towards enhancing its platform with advanced AI capabilities, supporting international expansion, and bolstering its sales channels, according to co-founder and CEO Ofer Smadari.
“Transforming enterprise security into a facilitator for digital innovation—rather than an impediment—is the greatest challenge currently facing our industry,” Smadari stated in an email interview. “Torq's hyperautomation platform works across several pillars of the organizational cybersecurity framework, ultimately making the organization more resilient.”
Founded in 2020 in Portland, Oregon, Torq was established by Smadari, Leonid Belkind, and Eldad Livni. Smadari previously co-founded Luminate, a zero trust platform acquired by Symantec in 2019, and held executive positions at cybersecurity startups Adallom and FireLayers. Both Belkind and Livni were instrumental in developing network security solutions at Check Point before joining forces with Torq.
You might be asking: What exactly is hyperautomation? Essentially, hyperautomation refers to automating processes and tools throughout an organization, rather than just automating certain components.
Torq enables IT teams to create and implement security workflows that seamlessly integrate with existing cybersecurity structures. The company employs generative AI technologies, particularly large language models (LLMs) like OpenAI's ChatGPT, to analyze and interpret SOC playbooks—comprehensive guides that assist security analysts during incidents.
The enterprise sector is buzzing with excitement about AI and automation, especially in security. Recently, tech giants Google and Microsoft unveiled GenAI tools aimed at summarizing and clarifying threat intelligence data, while startups such as Nexusflow are developing AI-driven conversational interfaces for security tools.
What differentiates Torq in this competitive landscape? According to Smadari, it’s the rapid adoption of cutting-edge models. “The swift integration of newly released LLMs like [OpenAI’s] GPT-4 and [Google’s] Gemini has substantially improved Torq’s AI capabilities,” he explained. “These innovative models allow for in-depth analysis of an increased volume of security signals while effectively managing investigation costs.”
While some organizations—especially those in tightly regulated sectors—may hesitate to allow third-party models access to sensitive security data, Smadari reassures that Torq empowers clients to control which portions of their data are accessible and where that data is stored, whether on Torq-operated storage or on company-managed platforms. “Our privacy and data architecture, along with our strict usage and protection policies, ensures data integrity,” he affirmed.
This assurance appears to be resonating with clients; Torq has experienced significant growth. Smadari reports that Torq, which operates on an annual subscription model, has achieved a 300% revenue increase in 2023, spurred by a remarkable 500% growth in its client base. The company now serves approximately 100 enterprise customers, including renowned brands like Blackstone, Chipotle, Rivian, Lemonade, and Fiverr.
Torq's impressive growth comes in the face of a challenging funding landscape for cybersecurity. According to Crunchbase data, investment in cybersecurity startups has decreased by 50% compared to 2022, marking a five-year low in financing.
“From the start, responsible growth has been one of our core cultural pillars,” Smadari noted. “We've maintained strict control over our investments, aligning them closely with our income sources, effectively avoiding the pitfalls of excessive growth that have plagued many during periods of ‘hype.’”
Interest in security automation remains robust. A 2023 survey by security analytics firm Devo found that 80% of security leaders expect an increase in cybersecurity automation over the next year, highlighting its potential to enhance incident analysis, speed up threat detection and response, and improve the examination of applications and data sources.
“Providing visibility into the organization's ongoing transition from traditional, manual operations to modern engineering-driven hyperautomation—along with expert guidance on setting appropriate targets and KPIs for this transformation—is where Torq engages C-suite executives,” Smadari explained. “Torq delivers valuable strategies that align closely with each company's business objectives.”
To further strengthen its competitive edge against rivals like Fortinet, Tines, and Swimlane, Torq has introduced a partner program for managed detection and response providers, as well as the Torq Partner Acceleration Program for resellers.
After expanding its executive team with key hires, including a chief marketing officer and heads of global channels and alliances, Torq plans to increase its workforce by 30% by the end of 2024, building on a previous 25% growth from early 2023.
This accelerated expansion underscores Torq’s commitment to redefining cybersecurity automation while addressing the evolving needs of enterprises in today’s landscape.
Ranking
