The corporate sector is increasingly turning to tech solutions to combat the rising volume of cyberattacks. According to a recent survey by analytics firm Devo, 80% of security leaders are expecting to invest more in security automation technology this year, citing its potential to help mitigate cyber threats. Projections suggest that the market for security automation could reach $26.6 billion by 2032.
One standout vendor in this space is Torq, which leverages AI to streamline security-related tasks. With a customer base that includes major companies like Procter & Gamble, Chipotle, PepsiCo, and Wiz, Torq has seen its annual recurring revenue surpass $24 million. CEO Ofer Smadari shared that they have tripled revenue over the past two years and are on track to reach $100 million ARR by 2026.
To support its growth, Torq recently closed a $70 million Series C funding round led by Evolution Equity Partners, bringing their total raised to $192 million. The favorable market conditions have also played a role in this success, with VCs investing $4.4 billion in cybersecurity firms in Q2 2024, marking the strongest funding quarter since 2022.
Founded in 2020 by Smadari, Leonid Belkind, and Eldad Livni, Torq’s platform enables IT teams to create automated security workflows that integrate with existing infrastructure. By utilizing AI models like ChatGPT, Torq aims to enhance security analysts’ capabilities and streamline response activities.
Despite the challenges associated with AI in security, Smadari emphasized that Torq is actively addressing issues and collaborating with industry partners to improve their automation technology. The company plans to allocate the new funding towards product development and expanding its customer base globally.
With a focus on the U.S., Europe, and Asia, Torq is poised for further growth in the cybersecurity industry. Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital also participated in Torq’s Series C funding round.