AI-powered cybersecurity startup ReliaQuest has shut down a new $500 million funding round, pushing its valuation to $3.4 billion. The round was led by EQT, KKR and FTV Capital and was supported by long-time investors Ten Eleven Ventures and Finback Investment Partners.
This latest round is a strong moment for the company. Since its last pay raise in 2020, ReliaQuest has recently grown at over $300 million and at 30% year-on-year, increasing its annual repeat revenue (ARR) more than quadrupled, whilst maintaining all profitability.
Founded in 2007 by Brian Murphy, ReliaQuest has grown from a bootstrap startup to a global player. Its platform, Greymatter, connects with over 200 different tools, automates some of the most time-consuming tasks while increasing visibility for security teams.
Agent AI redefining cybersecurity
This funding will be directed towards the international expansion and promotional innovation of Agent AI, an important part of the Greymatter platform. These AI models are designed to work with some kind of autonomy, helping customers respond to threats in minutes rather than hours. According to the company, teams using Greymatter are completing threat investigations with threats 20 times faster and 30% accuracy within five minutes.
“Everything we have done with ReliaQuest has been constantly driven by problems we solve for our customers. Our enterprise security teams have more data in more places than ever before. The speed of threats is increasing rapidly. CISOS needs a way to contain threats within minutes without cost or technical overhead, leveraging the latest innovations in Agent AI.
Murphy added: “This new investment is an important step along our corporate growth trajectory, but most importantly, we can provide better security outcomes for even more CISOs around the world.”
The ReliaQuest pitch clearly resonates with investors.
“By enriching Greymatter with AI and automation capabilities, ReliaQuest accelerated ahead of the pack and now stands out as one of the only software vendors capable of managing security operations in the most complex enterprise environments.”
KKR’s Stephen Shanley said, “Over the years, the company has mercilessly focused on its leading AI-driven software platform, innovation, and transformed it with a unique corporate culture.”
Kyle Griswold of FTV Capital has been supporting the company for nearly a decade and praised the team for its “exceptional capabilities of innovation and execution,” saying the platform is “uniquely positioned to empower customers to improve cybersecurity, automation, operational efficiency, and improve the most critical outcomes.”
So does the need for faster response times as threats become more refined. According to ReliaQuest’s 2024 Cyber Threat Report, attackers can now move the system sideways within 48 minutes. It leaves little room for delay and it is clear that the company bets that AI (particularly agent AI) is the answer.
With 550 million people in the bank, ReliaQuest is doubling that bet.
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