Cyber startup Torq adds $42 million to Series B
Cyber startup Torq adds $42 million to Series B
According to the company, it registered 300% revenue growth and 500% customer growth in its third year of operation in 2023
Cybersecurity company Torq has secured $42 million in an extension to its B round, which was initially announced in 2021. The current round saw the participation of investment firms such as Insight Partners, GGV Capital, Bessemer Venture Partners, Greenfield Partners, and Evolution Equity Partners. With this recent funding, the company's total raised capital amounts to $120 million.
Established in 2020 by Ofer Smadari (CEO), Leonid Belkind (CTO), and Eldad Livni (CINO), Torq operates in both the United States and Israel, boasting a workforce of over 100 employees. According to the company, it registered 300% revenue growth and 500% customer growth in its third year of operation in 2023.
Torq's enterprise-grade, AI-driven hyperautomation platform connects the entire security infrastructure stack, allowing organizations to instantly and precisely remediate security events, and orchestrate complex security processes at scale.
Torq’s significantly increasing customer momentum last year included the signing of major new clients, including Blackstone, Carvana, Deepwatch, Nubank, Riskified, Rivian, Telefonica, and ZoomInfo. They join the ranks of Torq’s existing customer base, including Agoda, Abnormal Security, Armis, Check Point Security, Chipotle, Fiverr, HashiCorp, IronSource, Lemonade, SentinelOne, and Wiz, as well as Fortune 100 consumer packaged goods, fashion, financial, hospitality, and sports apparel companies.
“2023 was a year of dramatic customer and revenue focus, product innovation and expansion, and channel and partner momentum, yielding the strongest year for Torq since it was founded,” said Ofer Smadari, CEO and co-founder of Torq. “Customers, partners, and industry analysts experienced the incredible value Torq Hyperautomation delivered across 2023, creating an ongoing tidal wave of interest in our technology and services–and notably, a permanent shift away from legacy SOAR platforms and vendors. We doubled our Sales and Go-to-Market teams to accommodate this fantastic growth. And we’re just getting started. We can’t wait to unveil 2024’s slate of product enhancements and programs that will take Torq to the next level.”
