-AI-powered cybersecurity firm ReliaQuest said on Monday it has raised more than $500 million in a funding round led by EQT, KKR and FTV Capital, valuing it at $3.4 billion.

Investor enthusiasm for artificial intelligence has been strong as businesses race to integrate AI-driven efficiencies into their operations, while rapidly increasing sophisticated cyberattacks have boosted demand for more effective security.

ReliaQuest was valued at more than $1 billion in 2021 after a funding round led by KKR.

The latest funding will support innovations in its Agentic AI-driven cybersecurity automation and international expansion, the company said.

Other investors in the round included Ten Eleven Ventures and Finback Investment Partners.

Founded in 2007 by Brian Murphy, ReliaQuest provides AI-driven security to large enterprises through its technology platform, GreyMatter, which allows its clients to detect, contain, investigate and respond to cyber threats.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shinjini Ganguli)