🔥 Torq Secures $70M for AI-Driven Cybersecurity
posted 24 Sept 2024
Cybersecurity company Torq, which leverages artificial intelligence to automate repetitive and labor-intensive tasks, raised $70 million in new funding round. According to CEO Ofer Smadari, the company’s annual revenue has surpassed $24 million, with major clients including Procter & Gamble and PepsiCo.
Despite the benefits, automation isn’t perfect due to potential hallucinations or errors from AI models, making oversight from professionals necessary. The company continues to test its models rigorously to minimize these issues and encourages users to report any errors.
With this latest funding round, Torq’s total raised now stands at approximately $192 million. It’s worth noting that venture investments in the cybersecurity sector totaled $4.4 billion in the second quarter, up 144% from the same period last year, marking the most successful quarter since 2022.
We have tripled revenue across two consecutive years, and are projecting $100 million ARR by fiscal year 2026. We have more than 150 direct enterprise customers, as well as dozens of partners that are providing services to nearly 900 enterprises worldwide based on our platform,Smadari stated.
Torq's developers employ large language models like GPT to support cybersecurity analysts. Smadari emphasized that these new technologies don’t replace human professionals but instead allow them to focus on more serious threats by freeing them from routine tasks like data sorting.
Despite the benefits, automation isn’t perfect due to potential hallucinations or errors from AI models, making oversight from professionals necessary. The company continues to test its models rigorously to minimize these issues and encourages users to report any errors.
With this latest funding round, Torq’s total raised now stands at approximately $192 million. It’s worth noting that venture investments in the cybersecurity sector totaled $4.4 billion in the second quarter, up 144% from the same period last year, marking the most successful quarter since 2022.
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