EQT leads funding round exceeding USD 500 million in ReliaQuest, a leader in AI-powered security operations

• Growth round is led by EQT Growth and existing investors KKR and FTV Capital
• The round values US-based ReliaQuest at USD 3.4 billion

STOCKHOLM, March 31, 2025 /PRNewswire/ -- EQT is pleased to announce that the EQT Growth fund ("EQT"), as well as existing investors KKR and FTV Capital, have led a growth funding round in ReliaQuest (the "Company"), a leader in AI-powered security operations. The round brings the Company's valuation to USD 3.4 billion and is also joined by Ten Eleven Ventures and Finback Investment Partners. This new funding will support ReliaQuest's continued growth, fueling further innovation in agentic AI-driven cybersecurity automation and supporting the Company's ongoing international expansion.  

ReliaQuest has established itself as a global cybersecurity leader, delivering a differentiated, AI-driven approach to security operations for large enterprises. The company's technology platform, GreyMatter, seamlessly integrates with over 200 different cybersecurity tools, allowing 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 a variety of cyber solutions within minutes, all while eliminating the most mundane cybersecurity work and delivering more value from existing investments.

This latest round comes at a time of accelerating growth for ReliaQuest. Since the Company's last funding round in 2020, it has grown Annual Recurring Revenue more than 4x – recently surpassing USD 300 million – and is currently growing more than 30 percent year-over-year while operating profitably. 

"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," said Brian Murphy, ReliaQuest founder and CEO. "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'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," said Kirk Lepke, Partner in the EQT Growth advisory team. "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."

EQT Growth was advised by Piper Sandler and Freshfields US LLP.

Contact
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