ReliaQuest secures more than $500m in funding

AI-powered cybersecurity company ReliaQuest has raised more than $500m in a new funding round to support its continued growth.

The investment was led by EQT, KKR, and FTV Capital, with additional participation from existing investors Ten Eleven Ventures and Finback Investment Partners.

This funding round brings ReliaQuest’s valuation to $3.4bn, the company said in a media statement.

The new funding will support ReliaQuest’s growth strategy, including advancements in Agentic AI-driven cybersecurity automation and ongoing international expansion.

Founded in 2007 by Brian Murphy, ReliaQuest provides AI-driven security solutions to large enterprises through its technology platform, GreyMatter.

The platform, powered by Agentic AI models, enables organisations to detect, contain, investigate, and respond to cyber threats, integrating with over 200 different cybersecurity tools.

The GreyMatter platform is said to aid security teams in using their existing or future technology stack to gain improved visibility and AI-powered automation.

The automation and AI capabilities of GreyMatter are said to aid ReliaQuest customers in conducting investigations up to 20 times faster and with 30% greater accuracy compared to traditional methods.

This enables threat containment in under five minutes, allowing security teams to prioritise complex business challenges over routine tasks.

ReliaQuest founder and CEO Brian Murphy said: “This new investment is a key step along our growth trajectory as a company, but most importantly it will allow us to deliver better security outcomes for even more CISOs around the world.”

Since its last funding round led by KKR in 2020, ReliaQuest has grown its annual recurring revenue more than fourfold, surpassing $300m, the company said.

KKR partner and Europe Tech Growth head Stephen Shanley said: “When we first invested in ReliaQuest in 2020, we recognised its enormous potential given the rise of cyberattacks and the challenges cybersecurity teams faced in managing a multitude of tools with limited manpower.

“Over the years, the company has transformed with its leading AI-driven software platform, a relentless focus on innovation and a unique company culture.”