Torq, a Hyperautomation Cybersecurity Startup, Raises $42M in Series B Extension

Torq, specializing in hyperautomation, secures $42 million in an extension to its Series B funding round. The funding, backed by Bessemer Venture Partners, GGV Capital, and others, brings Torq's total funding to $120 million.

The capital infusion will fuel Torq's platform expansion, integrate AI capabilities, support international growth, and enhance sales channels, as outlined by co-founder and CEO Ofer Smadari.

Smadari emphasizes Torq's mission to make enterprise security an enabler for digital innovation, addressing a major industry challenge. Torq's hyperautomation platform seamlessly operates across organizational cybersecurity, enhancing overall resilience.

Founded in 2020 in Portland, Oregon, Torq empowers IT teams to create security workflows integrating with existing cybersecurity infrastructure. Leveraging generative AI, Torq analyzes and comprehends SOC playbooks, assisting security analysts.

Hyperautomation, defined by Torq, involves automating processes across an entire organization, differentiating it from partial automation efforts. Torq stands out by adopting cutting-edge models, including OpenAI's GPT-4 and Google's Gemini.

Addressing concerns about third-party models analyzing sensitive data, Smadari assures users can choose accessible data parts and storage locations. Torq's privacy and data policies adhere to strict standards.

Torq's success is evident, with a 300% revenue increase in 2023 and a 500% client base expansion, serving around 100 enterprise customers, including Blackstone, Chipotle, and Rivian.

Despite a challenging cybersecurity funding landscape, Torq's responsible growth strategy sets it apart. Smadari highlights the company's control over investments, avoiding overgrowth pitfalls during periods of 'hype.'

Interest in security automation remains high, with 80% of security leaders predicting increased cybersecurity automation in 2023, driven by enhanced incident analysis and faster threat detection.

Smadari emphasizes Torq's role in providing visibility into organizations' transformations, offering meaningful strategies aligned with business goals. To stay competitive, Torq introduces partner programs and plans a 30% workforce increase by 2024.