Torq, a leading AI-driven hyper automation platform, recently announced that it has secured a $70 million Series C funding, led by Evolution Equity Partners, with Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital participating. This latest funding has brought Torq to a total of $112 million in 2024, bringing a grand total of $192 million since its founding in 2020.
By leveraging Artificial Intelligence (AI), Torq enables organizations to automate complex security processes efficiently. It has seen remarkable growth, with Torq’s CEO and Co-founder, Ofer Smadari, revealing that the company has tripled its revenue in the past two years and is aiming for $100 million in annual recurring revenue (ARR) by 2026. Currently, Torq’s ARR exceeds $24 million, showcasing its rapid expansion in the cybersecurity market.
Torq’s client base has grown significantly, serving over 150 direct enterprise customers and partnering with numerous organizations to support nearly 900 enterprises worldwide. The company has an impressive list of clients and partners including Procter & Gamble, Chipotle, PepsiCo, Crowstrike and other leading cyber security firms.
Torq revealed that it will use the recent funding to fuel Torq’s expansion across Europe, the Middle East, Africa, and Asia-Pacific regions. Additionally, the company plans to invest in hiring top talent for engineering, research and development, and sales roles. It will also enhance its security automation solution leveraging even better cutting-edge generative AI capabilities.
Industry experts, including IDC Research, have praised Torq’s innovative approach to addressing common challenges in security operations centers (SOCs). IDC Research stated that, “Torq is the first solution we’ve seen that effectively enables SOC professionals to mitigate issues including alert fatigue, false positives, staff burnout, and attrition. We are also impressed by how its AI augmentation capabilities empower these staff members to be much more proactive about fortifying the security perimeter.”
The integration of AI in cyber security comes with certain challenges such as hallucinations, jailbreaking and many more. This risk is particularly concerning as a risk to security can be catastrophic. In response to this, Smadari acknowledges that AI-driven automation is not perfect. However, Torq is committed to continuous improvement and collaboration with industry partners to develop risk and attack surface models, and rigorously testing its applications to ensure reliability and effectiveness.
As cyber threats become more complex, tools that can help teams work more efficiently and effectively are becoming essential. Torq’s success highlights the growing importance of AI and automation in the security industry.
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