Torq, a cybersecurity automation platform, has raised $70 million in a Series C funding round led by Evolution Equity Partners, capitalizing on growing interest in security automation.
With the rise in cyber attacks, many leaders have intensified demands for automted cybersecurity tasks. Reflecting this trend, Torq, a platform that uses AI to automate security workflows, recently closed a $70 million Series C funding round, bringing its total raised to $192 million.
Torq’s CEO, Ofer Smadari, revealed that the company’s annual recurring revenue (ARR) has surpassed $24 million, with a client base that includes industry giants like Procter & Gamble, Chipotle, PepsiCo, and Wiz. The company projects $100 million ARR by fiscal year 2026 and boasts more than 150 enterprise customers.
In Q2 2024, venture capital funding in the cybersecurity sector reached $4.4 billion, marking the strongest funding quarter since 2022, per Crunchbase data. This momentum has likely benefited Torq, which has seen revenue triple for two consecutive years.
Founded in 2020 by Smadari, Leonid Belkind, and Eldad Livni, Torq offers AI-powered tools to help IT teams streamline security tasks. Its platform leverages AI, akin to OpenAI’s ChatGPT, to guide cybersecurity analysts through incident response processes. While acknowledging challenges with AI's accuracy, Smadari emphasized the company's commitment to refining its technology and ensuring reliable security responses.
The new funds will be directed toward product R&D and expanding go-to-market efforts in the U.S., Europe, and Asia. With nearly 200 employees, Torq aims to maintain responsible growth and capitalize on the resilient cybersecurity market. Other participants in the funding round included Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital.
