ReliaQuest announced a new funding round led by existing investor KKR. Ten Eleven Ventures, FTV Capital and founder Brian Murphy also participated in the investment. The new round follows a $300 million growth equity round in 2020 and will be used to accelerate the expansion of ReliaQuest’s business operations and the continued development of its GreyMatter platform.
Whether organizations need fully managed detection and response (MDR), co-managed security operations, or an automated Open XDR platform, ReliaQuest delivers the outcomes and board-ready reporting that organizations require to solve the most challenging aspects of cybersecurity while maturing their programs over time. The ReliaQuest GreyMatter platform, backed by 24/7/365 security expertise, force multiplies security operations delivering unified detection and response with transparency and automation.
“Customers are gravitating to our Open XDR approach to deliver tailored security outcomes for their organization and are embracing ReliaQuest as a true force-multiplier for their security program,” said Brian Murphy, CEO of ReliaQuest. “This investment allows us to both increase our market presence and continue to innovate on our GreyMatter cloud-native platform. KKR, Ten Eleven and FTV have been in lockstep with us as the momentum builds in the market and they continue to invest in our strategic partnership to accelerate growth as we expand across the world.”
This latest round of investment marks a momentous year for ReliaQuest, which included:
- Surpassing $100M in annual recurring revenue
- More than doubling number of new customers year-over-year
- Adding key executives, including Chief Product Officer Brian Foster, Vice President and head of engineering Paul Kraus and Chief Marketing Officer Alex Bender
- Expanding the board with industry veterans, including Mike Burkland, John Spiliotis, John Fernandez and Kara Wilson
- Securing a patent for the GreyMatter Universal Translator’s unique ability to ingest and normalize security data
- Adding new capabilities within the GreyMatter platform, including the innovative Model Index for program measurement and reporting and Verify for breach and attack capabilities
“Over the past several years, we’ve seen ReliaQuest evolve its solution into a leading platform that is highly capable of solving security challenges for organizations across industries and geographies,” said Stephen Shanley, Managing Director at KKR. “We’re excited about our strategic partnership with ReliaQuest and its momentum since our initial investment. This additional funding will help make key enhancements to the GreyMatter platform that will further solidify its leadership position in the market.”
KKR will be making the investment through its Next Generation Technology Growth Fund II, a fund dedicated to growth equity investment opportunities in the technology space.