Tampa cybersecurity firm reaches $3.4B valuation milestone

Tampa-based cybersecurity firm ReliaQuest recently announced a new round of funding. The $500 million investment brings the company’s valuation to $3.4 billion, considered a "triple unicorn" in the world of investment. 

The term "unicorn" was coined by venture capitalist Aileen Lee, referring to a privately held company that exceeds $1 billion in valuation. 

The new round was made possible with new partners EQT, KKR and FTV Capital, with contribution from existing investors Ten Eleven Ventures and Finback Investment Partners, according to a statement. 

The company says it will use the funds to grow the company and its platform, GreyMatter. The company says Greymatter integrates with over 200 cybersecurity tools, providing customers with solutions tailored to their cybersecurity needs.

“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 (chief information security officer) need a way to contain threats within minutes without added cost or technical overhead, leveraging the latest innovations in Agentic AI,” says Brian Murphy, ReliaQuest founder and CEO, in the statement. “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.”

ReliaQuest was founded in 2007 and has grown to 1,000 customers supported by 1,200 employees in six locations. Since its last funding round in 2020, the company says it has grown its annual revenue four times with 30% year-over-year growth.