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Today, Torq announced that it secured $42 million in additional funding for its Series B round of financing. The round was backed by investors including Bessemer Venture Partners, GGV Capital, Insight Partners, Greenfield Partners, and Evolution Equity Partners, bringing the company’s total funding to $120 million. The fresh capital will be used to expand Torq’s platform and advance its artificial intelligence capabilities, as well as drive its international growth and sales channel presence, co-founder and CEO Ofer Smadari explained.
According to Smadari, the company is focused on making enterprise security more of an enabler than a blocker for digital innovation, which he cites as the biggest challenge faced by the industry. The approach is to develop a platform built on the principles of hyperautomation, working across different segments of the organizational cybersecurity platform to enhance overall resilience.
Co-founded in 2020 by Smadari, Leonid Belkind and Eldad Livni, the Portland, Oregon-based startup is also looking to leverage AI, particularly large language models, to carry out useful analyses of large volumes of security signals while keeping the ‘cost of investigation’ under strict control. Unlike Google and Microsoft, which recently introduced AI tools to better understand threat intelligence, Torq is accelerating the adoption of newer generations of leading language models such as GPT-4 and Gemini, enabling significant performance improvements.
With a 300% increase in revenue and a 500% growth in its customer base during 2023, Torq has been rapidly expanding its client list, with noteworthy companies such as Blackstone, Chipotle, Rivian, Lemonade and Fiverr among its customers. In comparison to the cybersecurity industry’s funding decline, Torq has managed responsible growth by exercising tight control over its investments and closely aligning them with income sources.
Furthermore, a 2023 survey by security analytics firm Devo indicated that 80% of security leaders anticipate enhanced incident analysis, faster threat detection and response, and more comprehensive analyses of apps and data sources through cybersecurity automation. To distinguish itself from competitors in the space, Torq introduced a partner program for managed detection and response providers and a separate partner program, the Torq Partner Acceleration Program, for general resellers.
Continuing this positive trajectory, the company is looking to expand its employee base, with plans to grow its workforce by 30% before the end of 2024 to support its aims for further expansion.