Torq Achieves 300% Revenue Growth and 500% Customer Growth Across 2023, and Raises $120m Total Funding, Setting Up Aggressive Scale and Innovation for 2024

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Torq’s significantly increasing customer momentum included the signing of major new logos, including Blackstone, Carvana, Deepwatch, Nubank, Riskified, Rivian, Telefonica, and ZoomInfo.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, January 23, 2024
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Tags: 
Data Management, Security, Technology, Software, Networks, Artificial Intelligence, Internet, Carvana, HWG, Senior, IDC, Palo Alto Networks, IronSource, MDR, Telefónica, Fortune 500, ZoomInfo, Face, Wiz, Partnership, Intelligence, HashiCorp, Partner, Riskified, Ecosystem, Gigaom, Gold, SentinelOne, SOAR, Agoda, Automation, Mars, ROI, Medical device
Geotags: 
UNITED STATES, NORTH AMERICA, NEW YORK, BLACKSTONE, TD
Organisation: 
TORQ
Summary
Key Points: 
  • Torq’s significantly increasing customer momentum included the signing of major new logos, including Blackstone, Carvana, Deepwatch, Nubank, Riskified, Rivian, Telefonica, and ZoomInfo.
  • In addition, Torq announced the new Torq Partner Acceleration and Torq For MDR programs.
  • Together, Morris, Jeter, and Muir are helping propel Torq into its next phase of aggressive growth and shaping the company’s strategic approach to maximize pipeline, customer engagement, and brand and partner reach.
  • Instead, Torq offers its partner ecosystem–including Optiv, Guidepoint, Trace3, Stratascale, and TD Synnex–a customer outcome-based tiering system.


Torq, the security hyperautomation pioneer, today announced 300% revenue growth and 500% customer growth in its third year of operation in 2023, and hitting the milestone of $120m in total funding. Torq’s significantly increasing customer momentum included the signing of major new logos, including Blackstone, Carvana, Deepwatch, Nubank, Riskified, Rivian, Telefonica, and ZoomInfo. They join the ranks of Torq’s existing customer base, including Agoda, Abnormal Security, Armis, Check Point Security, Chipotle, Fiverr, HashiCorp, IronSource, Lemonade, SentinelOne, and Wiz, as well as Fortune 100 consumer packaged goods, fashion, financial, hospitality, and sports apparel companies.

In 2023, Torq announced the introduction of Torq Hyperautomation, the world’s first enterprise-grade security hyperautomation platform capable of automating the most complex security infrastructures at dramatic scale, and Torq Socrates, cybersecurity’s first Tier-1 analysis AI Agent, designed to close 90% of Tier-1 tickets autonomously. In addition, Torq announced the new Torq Partner Acceleration and Torq For MDR programs.

Torq also expanded its executive team with the addition of global cybersecurity visionaries, including Senior Vice-President of Worldwide Sales Josh Morris, formerly of Splunk and Palo Alto Networks; Chief Marketing Officer Don Jeter, formerly of Pax8, Veritas, and Symantec; and Sheldon Muir, Head of Global Channels and Alliances, formerly of Netskope and Imperva. Together, Morris, Jeter, and Muir are helping propel Torq into its next phase of aggressive growth and shaping the company’s strategic approach to maximize pipeline, customer engagement, and brand and partner reach.

“2023 was a year of dramatic customer and revenue focus, product innovation and expansion, and channel and partner momentum, yielding the strongest year for Torq since it was founded,” said Ofer Smadari, CEO and co-founder, Torq. “Customers, partners, and industry analysts experienced the incredible value Torq Hyperautomation delivered across 2023, creating an ongoing tidal wave of interest in our technology and services–and notably, a permanent shift away from legacy SOAR platforms and vendors. We doubled our Sales and Go-to-Market teams to accommodate this fantastic growth. And we’re just getting started. We can’t wait to unveil 2024’s slate of product enhancements and programs that will take Torq to the next level.”

Torq Introduces World’s First Enterprise-Grade Security Hyperautomation Platform

In 2023, Torq Hyperautomation changed cybersecurity forever, with its ability to automate the most complex security infrastructures at dramatic scale with minimal complexity and vastly improved ROI. The platform enables security professionals to create and deploy complex, sophisticated workflows in minutes, more than 10X faster than legacy SOAR and conventional security automation solutions that involve costly professional services commitments.

Torq Socrates Delivers on the Promise of Generative AI

Just months after announcing Torq Hyperautomation, it followed up with the emergence of Torq Socrates, cybersecurity’s first Tier-1 analysis AI Agent, designed to close 90% of Tier-1 tickets autonomously. Torq Socrates uses AI to hyperautomate key security operations activities, including alert triage, contextual data enrichment, and incident investigation, escalation, and response. It combines intelligence signals from across organizations’ security ecosystems to drive autonomous remediation. It also learns and evolves as it accumulates and analyzes security events. Torq Socrates introduces significant efficiencies and incident response accuracy that alleviates the most critical challenges security analysts face, including alert fatigue, false positives, decreased visibility, and job burnout.

Major Analyst Validation From IDC and GigaOm

IDC, in a spotlight titled “How Hyperautomation Is Used to Reduce Gaps and Inefficiencies in Network Cybersecurity,” said, “Torq Hyperautomation predicts security gaps, proactively assesses the network, and ultimately secures it by delivering visibility and control of all environments for all processes and role players.” The eight-page report offered the most detailed study of cybersecurity hyperautomation released to date. It also emphasizes the changing of the guard from legacy SOAR towards this new approach being rapidly adopted by enterprises worldwide. GigaOm echoed IDC’s findings in a Radar report that highlighted Torq’s “exceptional” case management, collaboration, automated alert, and autonomous operations capabilities. It also lauded Torq for its “extensive feature set” and “impressive portfolio of customers.”

Torq for MDR Program Kicks Off With Dozens of Partners, Including Deepwatch

Torq launched its new Torq for MDR program designed to deliver increased margins by enabling MDRs to hyperautomate critical elements across their security ecosystems and to offer more differentiated managed security offerings for their customers. Outcomes impacted by Torq adoption include alert investigation, analysis, response, and processing security events more efficiently. This allows security analysts to focus on deeper analysis and improve the quality of detection of cybersecurity threats. Torq for MDR also enables MDR providers to perform faster customer onboarding and to leverage limitless integrations with every tool across their customers’ security stacks.

Notably, Deepwatch, the leading managed security platform for the cyber resilient enterprise, standardized on Torq Hyperautomation across its global security infrastructure to further enhance the Deepwatch Platform and its MDR capabilities. Deepwatch joins dozens of MDRs, including SentinelOne Vigilance, CompuQuip, Advantage, XFinit, HWG, and Aiuken that now leverage Torq Hyperautomation.

Torq Debuts Cybersecurity’s Highest-Upside Partner Program

Torq launched the Torq Partner Acceleration Program, which breaks free from old-school partner models and constraints, to deliver the highest guaranteed-margin opportunities possible. It provides margins up to 25%, while providing 100% transparency and eliminates burdensome “precious metals” leveling to incentivize the ecosystem and ignite global co-selling opportunities. With the Torq Partner Acceleration Program, there are no more “silver, gold, and platinum” tiers. Instead, Torq offers its partner ecosystem–including Optiv, Guidepoint, Trace3, Stratascale, and TD Synnex–a customer outcome-based tiering system. Margin opportunities are aligned to joint partnership investments made to position, implement, operationalize, and support Torq Hyperautomation. The program offers three distinct tiers: Reseller, Post-Sales and Professional Services Support, and MSP/MSSP Full Lifecycle Management.

Learn more and get started with Torq Hyperautomation now.

About Torq

Torq is transforming cybersecurity with its pioneering enterprise-grade, AI-driven hyperautomation platform. By connecting the entire security infrastructure stack, Torq makes autonomous security operations a reality. It empowers organizations to instantly and precisely remediate security events, and orchestrate complex security processes at scale. Fortune 500 enterprises, including the world’s biggest financial, technology, consumer packaged goods, fashion, hospitality, and sports apparel companies are experiencing extraordinary outcomes with Torq.

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Copyright Business Wire 2024