Cybersecurity Startup Torq Secures $70M Amid Triple-Digit Growth and Expansion Plans

Israeli cybersecurity company Torq has raised $70 million in a Series C funding round, led by Evolution Equity Partners with participation from Bessemer Venture Partners, Notable Capital, Greenfield Partners, and Strait Capital. Prominent angel investors, including Gili Ra'anan, Assaf Rappaport, Nadir Izrael, Yevgeny Dibrov, and Tomer Schwartz, also contributed to the round. This brings Torq's total capital raised in 2024 to $112 million, following a $42 million expansion of its Series B in January. To date, the company has raised $192 million, with prior investments from Evolution Equity Partners, Insight Partners, GGV Capital, Bessemer Venture Partners, and Greenfield Partners.

Founded in 2020 by CEO Ofer Smadari, CTO Leonid Belkind, and CINO Eldad Livni, Torq leverages AI to enhance cybersecurity operations. The founders previously launched Luminate Security, which developed a secure access solution for hybrid environments before being acquired by Symantec for around $250 million in 2019. Currently, Torq employs around 180 staff across Israel and the U.S., with plans to hire an additional 130 employees, focusing on product development in Israel and expanding sales across the U.S., EMEA, and APAC regions.

Torq has experienced over 3x revenue growth for two consecutive years and aims to reach $100 million in annual recurring revenue (ARR) by the end of 2026. The company intends to use the new funding to strengthen R&D, expand its sales force, and further develop its GenAI capabilities.

Torq's AI-powered cybersecurity platform integrates with an organization's security infrastructure to streamline incident detection and response, automating complex processes and alleviating the workload on analysts. The platform addresses challenges faced by large organizations, where cybersecurity teams often handle thousands of daily alerts, many of which are false positives or overlooked due to volume.

In 2024, Torq secured agreements with multinational clients such as Telefonica, ZARA, and ZoomInfo, joining an existing customer list that includes Abnormal Security, Armis, Blackstone, Carvana, Check Point Security, Chipotle, Deepwatch, Lemonade, Lennar, Nubank, Rivian, SentinelOne, Wiz, and several Fortune 100 companies.

CEO and co-founder Ofer Smadari, a veteran in the cybersecurity field, notes that the industry is experiencing rapid growth, creating opportunities for emerging companies. “The use of artificial intelligence in cyberattacks has heightened the need for AI-powered defense solutions. With geopolitical tensions and cyber warfare becoming more common, there's a growing demand for comprehensive cybersecurity. Israel’s tech ecosystem and the exceptional talent here enable us to create solutions that address these challenges and potentially replace outdated products not designed for AI-driven threats,” Smadari shared.

Smadari, who previously led Luminate’s acquisition by Symantec, hasn’t ruled out the possibility of selling Torq in the future, though he emphasizes that the company remains committed to its independence for now. “While we’re not actively seeking buyers, we remain open to opportunities that may arise,” he said.

Smadari’s career in cybersecurity began at Bank Leumi, where he managed the bank’s information security system. His journey took him through roles that included building consulting teams, working at notable cybersecurity companies, and co-founding startups like Luminate. After selling Luminate to Symantec and later joining Broadcom, Smadari saw the chance to create a new company. During the pandemic, he co-founded Torq with former Broadcom colleagues, initially pivoting the product before securing large clients and scaling the business to achieve significant revenue growth by 2023.