{"id":5512,"date":"2024-09-26T15:13:26","date_gmt":"2024-09-26T20:13:26","guid":{"rendered":"https:\/\/www.darkreading.com\/cybersecurity-operations\/torq-announces-70m-series-c"},"modified":"2024-09-26T15:13:26","modified_gmt":"2024-09-26T20:13:26","slug":"torq-announces-70m-series-c-bringing-total-2024-funding-to-112m","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/09\/26\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m\/","title":{"rendered":"Torq Announces $70M Series C Bringing Total 2024 Funding to $112M"},"content":{"rendered":"
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PRESS RELEASE<\/span><\/span><\/p>\n

NEW YORK, September 24, 2024 \u2013<\/span><\/span>Torq, the AI-first security hyperautomation leader, today announced the closing of its $70M Series C funding round, led by Evolution Equity Partners, with Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital participating. Combined with Torq\u2019s expanded Series B in January, Torq has raised a total of $112m in 2024, bringing the company\u2019s funding since its 2020 inception to $192M. It also has also established an aggressive 2026 ARR target of $100M. Torq will use the new round to increase expansion across EMEA and APAC, hire additional world class engineering, R&D, and sales talent, and double down on devoting more resources to deliver cutting-edge generative AI enhancements.<\/span><\/p>\n

In addition, Torq announced that it more than tripled its revenue and customer growth for the second year in a row. Torq\u2019s momentum reflects the elevating enterprise adoption of the recently-announced Torq HyperSOC, a purpose-built solution that harnesses the power of the AI-driven Torq Hyperautomation Platform to automate, manage, and monitor critical SOC responses at machine speed. It uses Natural Language Processing (NLP) to initiate and accelerate security event investigation, triage, and remediation at scale, deliver comprehensive case management capabilities with unprecedented ease, and automate complex processes. Torq HyperSOC saves analysts from alert fatigue and job burnout so they can focus on strategic security initiatives and innovation. <\/span><\/p>\n

Rapid Global Enterprise Adoption<\/h2>\n

Torq\u2019s customer base includes major multinational enterprise customers, 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 consumer packaged goods, fashion, financial, hospitality, and sports apparel companies.<\/span><\/p>\n

\u201cOur Series C round underlines the fact that Torq customers, partners, and employees have combined into one of the most powerful, influential, and fastest-growing ecosystems in all of cybersecurity,\u201d said Ofer Smadari, CEO and co-founder, Torq. \u201cWe\u2019ve rewritten the rules of the industry with Torq Hyperautomation and Torq HyperSOC, and our momentum reflects that shift. Torq has blown past all the frustrating, manual limitations of legacy SOAR that leave significant holes in the security perimeter. Torq plugs all those holes by delivering a new layer of AI-driven protection, all while making all of security operations more productive than ever.\u201d<\/span><\/p>\n

\u201cToday, Torq HyperSOC investigates, triages, and remediates many of Check Point\u2019s internal security alerts without any human intervention,\u201d said Jonathan Fischbein CISO, Check Point. \u201cIf an alert meets certain parameters based on organizational security policies, the platform takes relevant predefined steps, such as initiating an MFA challenge or locking out a suspicious user. We can react automatically to problems before they become security incidents.\u201d<\/span><\/p>\n

\u201cThe incredible growth, customer traction, and industry momentum Torq Hyperautomation and Torq HyperSOC are experiencing showcases how Torq is dramatically transforming cybersecurity for the better,\u201d said Richard Seewald, Founder and Managing Partner, Evolution Equity Partners. \u201cEvolution is incredibly proud to back Torq as it continues to deliver such deep value for security operations teams worldwide. It\u2019s now no longer a question of if, but when every enterprise will adopt AI-driven hyperautomation.\u201d<\/span><\/p>\n

Torq\u2019s customer base also continues to rapidly grow due to the success of the Torq Partner Acceleration Program, which includes many of the world\u2019s leading channel and security vendors. Torq tech alliance partners include Abnormal Security, Check Point, CrowdStrike, SentinelOne, Snyk, and Wiz. Its reseller and VAR ecosystem includes GuidePoint Security, Optiv, Stratascale, and Trace3.<\/span><\/p>\n

\u201cTorq is a rising star in cybersecurity,\u201d said Oren Yunger, Managing Partner, Notable Capital. \u201cTorq HyperSOC\u2019s advanced AI capabilities are having a dramatic, positive impact on security operations teams worldwide by making them vastly more efficient and resilient than ever. Torq represents the next-generation of security operations and Notable Capital is certain the future is phenomenally bright for the company.\u201d<\/span><\/p>\n

Key Analysts Unanimously Validate Torq Hyperautomation<\/h2>\n

Analysts including Gartner, Forrester, IDC, and GigaOm all covered Torq Hyperautomation during 2024, with unanimous perspectives on the positive impact it\u2019s making for customers.<\/span><\/p>\n

\u201cEvery day, IDC is engaged with SOC professionals who communicate the existential challenges they\u2019re facing, both in terms of keeping up with ever-escalating threat complexity and volume, and the incredible burden that places on the shoulders of their teams,\u201d said Chris Kissel, Vice President, Security & Trust Products, IDC Research. \u201cTorq is the first solution we\u2019ve 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.\u201d<\/span><\/p>\n

\u201cTorq offers an extensive feature set, as reflected in its high scores across most of the key criteria, including case management, and collaboration, automated alert prioritization, triage and curation, autonomous operations, and validation and red teaming, and has acquired an impressive portfolio of customers,\u201d said GigaOm in a 2024 <\/span>Radar<\/span><\/span> Report.<\/span><\/p>\n

Learn more about Torq at <\/span>Torq.io<\/a><\/span>.<\/span><\/p>\n

About Torq<\/h2>\n

Torq is transforming cybersecurity with its AI-first  enterprise-grade hyperautomation platform. By connecting the entire security infrastructure stack, Torq empowers organizations to instantly and precisely remediate security events, and orchestrate complex security processes at scale. Fortune 500 enterprises, including the world\u2019s biggest financial, technology, consumer packaged goods, fashion, hospitality, and sports apparel companies are experiencing extraordinary outcomes with Torq.<\/span><\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PRESS RELEASE NEW YORK, September 24, 2024 \u2013Torq, the AI-first<\/p>\n","protected":false},"author":12,"featured_media":5513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[809],"class_list":["post-5512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-dark-reading"],"featured_image_urls":{"full":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=3840%2C2160&ssl=1",3840,2160,false],"thumbnail":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=300%2C169&ssl=1",300,169,true],"medium_large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=640%2C360&ssl=1",640,360,true],"large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=640%2C360&ssl=1",640,360,true],"1536x1536":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=1536%2C864&ssl=1",1536,864,true],"2048x2048":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=2048%2C1152&ssl=1",2048,1152,true],"chromenews-featured":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=1024%2C576&ssl=1",1024,576,true],"chromenews-large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?resize=825%2C575&ssl=1",825,575,true],"chromenews-medium":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?resize=590%2C410&ssl=1",590,410,true]},"author_info":{"display_name":"Dark Reading","author_link":"https:\/\/ddi.mohflo.net\/index.php\/author\/darkreading\/"},"category_info":"Uncategorized<\/a>","tag_info":"Uncategorized","comment_count":"0","jetpack_featured_media_url":"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/09\/torq-announces-70m-series-c-bringing-total-2024-funding-to-112m.png?fit=3840%2C2160&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/5512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/comments?post=5512"}],"version-history":[{"count":0,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/5512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media\/5513"}],"wp:attachment":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media?parent=5512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/categories?post=5512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/tags?post=5512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}