Torq Secures $70M Funding, Eyes $100M ARR by 2026 Amid Rapid Growth

Torq's Impressive Growth and Funding

Israeli startup Torq has recently raised $70 million in a Series C funding round, led by Evolution Equity Partners with participation from Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital. This funding round brings Torq's total capital raised in 2024 to $112 million, following a $42 million expansion of its Series B in January. To date, the company has raised a total of $192 million.

Torq employees. (Photo: Guy Hamaui)

Founders and Company Background

Founded in 2020 by Ofer Smadari (CEO), Leonid Belkind (CTO), and Eldad Livni (CINO), Torq specializes in AI-driven cybersecurity. The founders previously established Luminate Security, which was acquired by Symantec for approximately $250 million in 2019. Currently, Torq employs around 180 people and plans to hire an additional 130 employees, focusing on product development and sales across various regions.

Revenue Growth and Future Plans

Torq has achieved over 3x revenue growth for the second consecutive year and is on track to reach $100 million in annual recurring revenue (ARR) by the end of 2026. The new funding will be utilized for R&D, expanding its sales force, and advancing its GenAI developments.

Innovative Cybersecurity Solutions

Torq's platform connects an organization's security infrastructure, streamlining the detection and response to cyber incidents. It automates complex processes on a large scale, significantly reducing the workload on human analysts. This addresses the inefficiencies in large organizations' cybersecurity operations, where teams often face thousands of daily alerts, many of which are false positives.

Key Clients and Partnerships

In 2024, Torq signed agreements with multinational clients, including Telefonica, ZARA, and ZoomInfo. Other notable customers include Abnormal Security, Armis, Blackstone, Carvana, and several Fortune 100 companies.

The Cybersecurity Landscape

Ofer Smadari stated that the cybersecurity industry is thriving, with significant opportunities for growth. The rise of AI in cyberattacks also presents new opportunities to leverage AI technologies to combat cybercrime. He emphasized the need for comprehensive protection in an unstable global political environment.

Future Outlook

While Smadari does not rule out the possibility of selling Torq in the future, he emphasizes the company's commitment to independence for now. His journey in cybersecurity has been marked by significant achievements, including a pivotal pivot during the pandemic that led to substantial growth and customer acquisition.

Torq exemplifies the potential for innovation and growth in the cybersecurity market, driven by its cutting-edge technology and strong leadership.