CIOInsider India Magazine
Torq Raises Fund at $1.2 Billion Valuation
The Israeli cybersecurity company Torq is expected to reveal that it has secured a $140 million funding round, increasing its valuation to $1.2 billion.
Torq, located in Tel Aviv, provides what it claims is an AI-driven autonomous security operations platform built from scratch. Torq can utilize AI agents to automate monotonous tasks, such as sifting through extensive amounts of security alerts. This enables employees to concentrate on more intricate and possibly hazardous matters.
“You don’t want your team to face a large backlog and utilize them only for basic tasks when everything can be automated,” states Ofer Smadari, the company’s CEO and co-founder.
The Israeli news outlet TheMarker had earlier reported that Torq achieved unicorn status through a new funding round, though the exact amounts were not disclosed.
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The business launched in 2020, but it changed its direction a couple of years ago following the emergence of generative AI, Smadari noted.
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“By the close of 2022, ChatGPT entered our lives, prompting us to explore the development of agents and AI capabilities,” he mentioned, noting that the firm launched an AI agent for security tasks in the summer of 2023. At this point, he remarked, “You can both automate and address everything.”
“We said, ‘There is nothing like a big worldwide crisis to build another company,’” Smadari says
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Smadari stated that the company employs over 300 individuals in both Israel and the US. He and the other founders launched a company named Luminate Security in 2017, which they sold to Symantec Corp. for $250 million in under two years, he noted. They launched Torq in January 2020, right before Covid-19 erupted into a pandemic.
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“We said, ‘There is nothing like a big worldwide crisis to build another company,’” Smadari says.
