Torq Announces $70M Series C to Double Investment in Generative AI for Security Operations Platform, Brings Total Funding to $112M Through 2024

Torq Achieves 3X Revenue and Fortune 500 Customer Growth for Second Consecutive Year, with $100M ARR Target in 2026 as Torq HyperSOC and Torq Hyperautomation Achieve Global Enterprise Penetration

NEW YORK–(BUSINESS WIRE)–September 24, 2024–

Torq, a leader in AI-first hyperautomation security, today announced the closing of a $70 million Series C funding round led by Evolution Equity Partners, with participation from Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital. Combined with Torq’s expanded Series B in January, Torq has raised a total of $112 million in 2024, bringing the company’s total funding since its founding in 2020 to $192 million. It has also set an aggressive 2026 ARR target of $100 million. Torq will use the new round to accelerate its expansion across EMEA and APAC, hire additional world-class engineering, R&D, and sales talent, and double down on dedicating more resources to delivering cutting-edge generative AI advancements.

Additionally, Torq announced that its revenue and customer growth more than tripled for the second consecutive year. Torq’s momentum reflects growing enterprise adoption of its recently announced Torq HyperSOC, a purpose-built solution that leverages the power of the AI-driven Torq Hyperautomation platform to automate, manage, and monitor critical SOC responses at machine speed. It leverages natural language processing (NLP) to initiate and accelerate security incident investigations, triage, and remediation at scale, deliver comprehensive case management capabilities with unprecedented ease, and automate complex processes. Torq HyperSOC protects analysts from alert fatigue and burnout so they can focus on strategic security initiatives and innovation.

Rapid Global Adoption by Enterprises

Torqa customers include large international enterprises 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 companies in consumer goods, fashion, finance, hospitality and sportswear.

“Our Series C funding round underscores the fact that Torq customers, partners, and employees have come together to form one of the most powerful, influential, and fastest-growing ecosystems in all of cybersecurity,” said Ofer Smadari, CEO and co-founder of Torq. “We rewrote the rules of the industry with Torq Hyperautomation and Torq HyperSOC, and our momentum reflects that change. Torq has broken through all the frustrating, manual limitations of legacy SOAR that leave significant gaps in the security perimeter. Torq patches all those gaps, delivering a new layer of AI-powered protection while making all security operations more productive than ever.”

“Today, Torq HyperSOC investigates, sorts, and remediates Check Point’s many internal security alerts without any human intervention,” said Jonathan Fischbein, CISO, Check Point. “If an alert meets certain parameters based on the organization’s security policies, the platform takes appropriate predefined steps, such as initiating an MFA challenge or blocking the suspicious user. We can automatically respond to issues before they become security incidents.”

“The incredible growth, customer interest, and industry momentum experienced by Torq Hyperautomation and Torq HyperSOC demonstrate how Torq is radically changing cybersecurity for the better,” said Richard Seewald, Founder and Managing Partner of Evolution Equity Partners. “Evolution is incredibly proud to support Torq as it continues to deliver such profound value to security operations teams around the world. It is no longer a question of if, but when every enterprise will adopt AI-powered hyperautomation.”

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

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

Key Analysts Unanimously Confirm Torq Hyper-Automation

Analysts including Gartner, Forrester, IDC, and GigaOm analyzed Torq Hyperautomation in 2024 and were unanimous in their appreciation of the positive impact the solution has on customers.

“Every day, IDC engages with SOC professionals who communicate with them about the existential challenges they face, both in terms of keeping up with the ever-increasing complexity and volume of threats and the incredible burden this places on their teams,” said Chris Kissel, vice president of Security and Trust Products at IDC Research. “Torq is the first solution we’ve seen that effectively enables SOC professionals to mitigate issues including alert fatigue, false positives, burnout and employee turnover. We’re also impressed with how its AI augmentation capabilities allow these professionals to be much more proactive in strengthening their security perimeter.”

“Torq offers a robust feature set, as reflected in the company’s high scores across most key metrics, including case management and collaboration, automated alert prioritization, triage and triage, autonomous operations, and validation and red teaming, and has acquired an impressive customer portfolio,” GigaOm said in its 2024 report. Radar Report.

Learn more about Torq at Torq.io.

About Torq

Torq is transforming cybersecurity with its enterprise-class AI-first hyperautomation platform. By connecting the entire security infrastructure stack, Torq enables organizations to rapidly and accurately remediate security incidents and orchestrate complex security processes at scale. Fortune 500 companies, including the world’s largest financial, technology, consumer goods, fashion, hospitality, and apparel companies, are achieving extraordinary results with Torq.

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Tiana Petricevic
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