ReliaQuest, a leader in AI-based security operations, announced a new funding round of over $500 million led by EQT, KKR and FTV Capital, with participation from other existing investors Ten Eleven Ventures and Finback Investment Partners. The funding round brings ReliaQuest’s valuation to $3.4 billion.
This new funding round will support ReliaQuest’s continued growth, fuel further innovation in Agentic AI-driven cybersecurity automation, and support the company’s ongoing international expansion.
ReliaQuest is now a global cybersecurity leader that delivers a differentiated, AI-driven approach to security operations for large enterprises. The company’s technology platform, GreyMatter, seamlessly integrates over 200 cybersecurity tools, enabling security teams to leverage their current or future technology stack to drive greater visibility and AI-driven automation. This enables security teams to detect, contain, investigate, and respond to cyber threats across various cyber solutions within minutes, eliminating the most mundane work out of cybersecurity and delivering more value from existing investments.
Since the company’s last funding round, led by KKR in 2020, annual recurring revenue has grown more than 4x, surpassing $300 million. ReliaQuest is growing at more than 30% yearly and operating profitably.
ReliaQuest’s GreyMatter platform, which is powered by Agentic AI models that can operate and learn autonomously, addresses this challenge by automating security processes and significantly reducing the time to contain threats. And using GreyMatter’s automation and AI capabilities, ReliaQuest customers can now perform investigations 20 times faster and with 30% greater accuracy than traditional methods, containing threats within less than five minutes and allowing security teams to focus on higher-level business needs rather than mundane tasks.
Goldman Sachs acted as exclusive financial advisor to ReliaQuest and Gibson Dunn acted as legal counsel to ReliaQuest and KKR. And EQT Growth was advised by Piper Sandler and Freshfields.
KEY QUOTES:
“Everything we have done at ReliaQuest has always been driven by the problem we solve for our customers. Enterprise security teams have more data in more places than ever before, and the speed of the threat is rapidly increasing. CISOs need a way to contain threats within minutes without added cost or technical overhead, leveraging the latest innovations in Agentic AI. 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.”
- Brian Murphy, ReliaQuest founder and CEO
“Brian’s passion and dedication to building a world-class, mindset-driven organization is at the core of ReliaQuest’s success and sets a strong foundation upon which to build a category-defining cybersecurity company. By enriching GreyMatter with AI and automation capabilities, ReliaQuest has accelerated ahead of the pack, and now stands out as one of the only software vendors capable of managing security operations for the most complex enterprise environments. We are delighted to lead this funding round and look forward to supporting the company with our global platform as they continue to deliver solutions needed to push the industry forward.”
- Kirk Lepke, Partner in the EQT Growth advisory team
“When we first invested in ReliaQuest in 2020, we recognized 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.”
- Stephen Shanley, Partner and Head of Tech Growth in Europe at KKR
“We are thrilled to continue working with Brian and the entire ReliaQuest team as they enter the next phase of their journey.”
- Patrick Devine, Managing Director at KKR
“Having partnered with ReliaQuest for nearly a decade, we’ve witnessed first-hand Brian’s visionary leadership and the team’s exceptional ability to innovate and execute as they scaled from a bootstrapped startup to a leading global player in the cybersecurity ecosystem. With consistent outperformance and a proven track record of serving many of the world’s largest enterprises, it’s clear that ReliaQuest’s AI-driven platform is uniquely positioned to empower customers with a best-of-breed approach towards cybersecurity, improving automation, operational efficiencies and, most critically, results. As ReliaQuest continues to shape the future of security operations, we are proud to continue our partnership for another successful era of growth ahead.”
- Kyle Griswold, Partner at FTV Capital