Cybersecurity automation firm Torq lands $42M in expanded Series B>
Tech Crunch – Kyle Wiggers
Torq is a cybersecurity startup focused on “hyperautomation” – automating processes and tools across an entire organization.
It raised 42 million in an extension of its Series B funding round, bringing total funding to 120 million.
Investors include Bessemer Venture Partners, GGV Capital, and others.
The funding will be used to expand Torq’s platform with new AI capabilities, drive international growth, and increase sales channels.
Torq’s platform aims to make security an enabler rather than a blocker for innovation.
Torq’s key differentiation is its use of large language models (LLMs) like GPT-4 and Gemini to analyze and answer questions about security playbooks.
This allows deeper analysis of security signals while minimizing investigation costs.
The company has seen 300% revenue growth in 2023 with a 500% increase in customers, including major brands like Blackstone, Chipotle, and Rivian.
It has responsibly managed growth to be capital efficient.
Torq offers customers control over what data is accessible to its platform.
Interest in security automation remains high – 80% of security leaders predict increased investment in it.
To stay competitive, Torq has launched partnership programs and made executive hires in marketing, channels, and alliances.
It plans 30% workforce growth in 2024, expanding headcount from 150 currently.
Link: https://techcrunch.com/2024/01/23/cybersecurity-automation-firm-torq-lands-42m-in-expanded-series-b/