Total amount raised
$190 Millions
Latest funding date
9/1/2024
Location
Torq has successfully raised $70 million in its Series C funding round, further solidifying its position in the security hyperautomation industry. The company offers a no-code automation platform designed to enhance security operations through AI-driven solutions.
Keep reading to explore the intricacies of Torq's fundraising journey and the investors backing this innovative platform.
What Is Torq?
Founded in January 2020, Torq is an AI-first security hyperautomation company based in Tel Aviv, Israel. The company specializes in providing a no-code automation platform designed to enhance security operations.
Torq's platform allows security teams to create automated workflows, enabling faster threat response and risk remediation. This innovation aims to alleviate the manual burden on security professionals, ensuring seamless communication and collaboration among systems.
The company was founded by Eldad Livni, Leonid Belkind, and Ofer Smadari, and currently employs between 251-500 people.
How Much Funding Has Torq Raised?
- Seed Round
- Amount Raised: $8M
- Date: January 2020
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their no-code automation platform.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their platform.
- Series A
- Amount Raised: $20M
- Date: January 2021
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B
- Amount Raised: $50M
- Date: December 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase customer acquisition.
- Series B
- Amount Raised: $42M
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and expand the team.
- Series C
- Amount Raised: $70M
- Date: September 2024
- Lead Investors: Evolution Equity Partners
- Valuation at Round: $650-700M
- Motivation Behind the Round: To expand operations in EMEA and APAC regions and enhance AI capabilities.
Total Amount Raised: $190M. Current Valuation: $650-700M.
Key Investors
- Evolution Equity Partners
- Details: Evolution Equity Partners is a venture capital firm that invests in cybersecurity and enterprise software companies. Richard Seewald, the founder and managing partner, has a background in founding and leading the IPO of AVG, an anti-virus company.
- Investment Focus Areas: Cybersecurity, enterprise software, AI.
- Notable Investments: Pentera, Snyk, Aqua Security.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a global venture capital firm that invests in early-stage companies across various sectors. They have a broad investment portfolio and are known for their long-term investment approach.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, Shopify, Twilio.
- Notable Capital
- Details: Notable Capital is a venture capital firm that participated in Torq's Series C funding round. Specific details about the firm are not widely disclosed.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Not publicly disclosed.
- Greenfield Partners
- Details: Greenfield Partners is a venture capital firm that focuses on early and growth-stage technology companies. They participated in Torq's Series C funding round.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Not publicly disclosed.
- Strait Capital
- Details: Strait Capital is a venture capital firm that participated in Torq's Series C funding round. Specific details about the firm are not widely disclosed.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for Torq?
Torq's future looks promising with significant opportunities for expansion in the EMEA and APAC regions. The company plans to leverage its recent $70 million funding to enhance its AI capabilities and hire additional talent. This expansion is set against a backdrop of increasing enterprise adoption of AI-driven hyperautomation solutions, which could significantly boost Torq's market presence and revenue.
Given the favorable market conditions and the growing importance of cybersecurity, Torq may attract further investor interest, potentially leading to additional funding rounds. However, the company will need to navigate challenges such as maintaining rapid growth, staying ahead in a competitive market, and ensuring seamless integration of new technologies. These hurdles, while significant, are part of the journey towards achieving their ambitious goals.
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