Fast-growing cybersecurity startups Silverfort and Torq have successfully raised new funding to support their continued expansion. Silverfort, based in Tel Aviv and Boston, offers software that helps businesses protect employee accounts from hacking attempts. The company recently secured $116 million in Series D funding, bringing their total outside funding to $222 million. The funding round was led by Brighton Park Capital and included participation from investors such as Citibank NA and General Motors Co. Silverfort’s platform uses artificial intelligence to identify potential cybersecurity risks, including compromised accounts and insecure access permissions. The company plans to use the latest funding to grow its workforce, build additional features, and form new channel partnerships.
Meanwhile, New York-based Torq Technologies provides a hyperautomation platform that automates common cybersecurity tasks. They recently raised an additional $42 million as an extension to their Series B funding round, which closed three years ago. In total, Torq has received $120 million in funding since its launch in 2020. The company’s annual recurring revenue tripled in 2023, and their customer base expanded significantly, including partnerships with well-known enterprise software makers and Fortune 100 companies. Torq’s platform includes advanced features such as an AI tool called Socrates, which automates complex cybersecurity tasks by analyzing data collected by antivirus software.
Both Silverfort and Torq experienced remarkable growth in 2023, with increased demand and impressive revenue figures. Silverfort’s AI-powered platform has gained the trust of major enterprises worldwide, attracting over 100 new customers each quarter. Torq reported doubling its sales and go-to-market teams to accommodate their exceptional growth. Both companies have ambitious plans for the future, including further product development and expansion.
As cybersecurity continues to be a critical concern for organizations across industries, these successful funding rounds demonstrate the growing recognition and investment in innovative solutions. These startups are poised to make significant contributions to the field, helping businesses protect their sensitive data and bolster their cybersecurity measures.
