Torq announced on September 24, 2024, that it had closed a $70 million Series C led by Evolution Equity Partners. The company said the financing brought its reported 2024 fundraising to $112 million and its total funding since its 2020 founding to $192 million. Torq said it planned to invest the proceeds in international expansion, hiring, research and development, and generative-AI enhancements.
Who led Torq’s Series C?
Evolution Equity Partners led the $70 million round. Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital also participated, according to Torq’s September 24, 2024 announcement.
The announcement did not disclose the company’s valuation or other detailed round terms. The $70 million figure describes the announced financing, not a valuation.
How much has Torq raised?
Torq said the Series C, combined with an expanded Series B announced in January 2024, brought its fundraising for 2024 to $112 million. The company also reported $192 million raised since its 2020 founding. These are figures reported by Torq; the announcement does not provide an independently audited funding history.
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How will Torq use the $70 million?
The company said it intended to use the proceeds to:
- Expand its presence in Europe, the Middle East, and Africa (EMEA) and Asia-Pacific (APAC).
- Hire additional engineering, research and development, and sales staff.
- Increase investment in generative-AI enhancements.
- Support research and development, global growth, and customer support.
These are stated plans, not disclosed budget allocations. Torq did not specify how much of the round would go to any individual area.
What is Torq, and what does HyperSOC do?
Torq sells security operations automation software. In its announcement, the company described HyperSOC as a solution built on the Torq Hyperautomation Platform to automate, manage, and monitor security operations center (SOC) responses. Torq said HyperSOC uses natural-language processing to support security-event investigation, triage, remediation, case management, and the automation of complex processes. These are product descriptions from the company, not independently tested performance findings.
Torq’s announcement named multinational customers including Abnormal Security, Armis, Blackstone, Carvana, Check Point Security, Chipotle, Deepwatch, Lemonade, Lennar, Nubank, Rivian, SentinelOne, Telefónica, Wiz, and ZoomInfo. It separately identified Abnormal Security, Check Point, CrowdStrike, SentinelOne, Snyk, and Wiz as technology alliance partners, and GuidePoint Security, Optiv, Stratascale, and Trace3 as reseller or value-added reseller (VAR) partners.
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What growth figures did Torq report?
Torq said revenue and customer growth each exceeded three times for the second consecutive year. The announcement did not provide an audited revenue or customer-growth series, so those figures should be understood as company-reported claims.
Torq also set a target of reaching $100 million in annual recurring revenue (ARR) by 2026. That is a forward-looking company target, not revenue already achieved. In contemporaneous reporting by TechCrunch, CEO Ofer Smadari said Torq had more than 150 direct enterprise customers and partners serving nearly 900 enterprises. Those are executive-reported counts, not independently audited totals.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement does—and does not—establish
The financing announcement establishes the round size, lead investor, participating investors, and the company’s stated priorities for the capital. It also gives Torq’s own account of its product, growth, and fundraising milestones. It does not disclose a confirmed Series C valuation, detailed allocations of the proceeds, audited growth figures, or independent evidence of HyperSOC’s outcomes.
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