Tampa, Fla.-based ReliaQuest, one of the hottest cybersecurity startups, has raised more than $500 million in a round co-led by Sweden’s EQT, KKR and New York-based FTV Capital. Existing investors Ten Eleven Ventures, a West Coast firm with offices in Boston, and Finback Investment Partners, of Coral Gables, Fla., participated.
The whopping funding round raised ReliaQuest’s valuation to $3.4 billion, as the company advances innovation in agentic AI-driven cybersecurity automation, and ongoing international expansion.
“Cybersecurity is the largest technical challenge of our generation, and the CISOs and security teams who have signed up for this challenge are some of the most talented and driven entrepreneurs I’ve ever met,” ReliaQuest co-founder and CEO Brian Murphy said on LinkedIn. “I’m fired up about how much more we can do together, as we continue to innovate with our AI-powered security operations platform.” Murphy, who has a degree in finance and accounting, earlier was chair of Florida’s startup hub Embarc Collective.
ReliaQuest leans on an AI-focused approach to cybersecurity, as global threats mount. Its technology platform called GreyMatter integrates with over 200 different cybersecurity tools. Since the company’s last funding round led by KKR in 2020, ReliaQuest says its annual recurring revenue has grown more than 4x – recently surpassing $300 million. It also claims to be profitable and growing at over 30% year over year. The company claims 1,000 customers.
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“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,” said Stephen Shanley, partner and head of Tech Growth in Europe at KKR. “Over the years, the company has transformed with its leading AI-driven software platform, a relentless focus on innovation and a unique company culture.”
FTV Capital partner Kyle Griswold said he has “witnessed first-hand Brian’s visionary leadership,” as he transformed a bootstrapped startup into 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,” Grisworld said.
