Red Canary, a Denver-based provider of security operations solutions, announced it raised $34 million in funding led by Summit Partners. Existing investors Access Venture Partners and Noro-Moseley Partners also participated in this round. With this funding round, Red Canary is going to scale its team to “create a world where every organization is free to make its greatest impact without fear of damage from cyber attack.”
Known as a pioneering provider of managed detection and response (“MDR”) solutions, Red Canary defends hundreds of organizations around the world ranging from global Fortune 100s to organizations with 100 employees. MDR is considered one of the fast-growing areas of the information security market. And the Red Canary’s proprietary software platform ingests and analyzes more than 500 terabytes of telemetry per day. Plus it applies proprietary behavioral analytics technology to surface potential threats to an in-house team of expert security analysts.
“We are in the golden age of data in security. Security teams have more telemetry, tools, and budget than ever before but unfortunately, in many cases, this has not resulted in a meaningful improvement in security outcomes,” said Red Canary CEO and co-founder Brian Beyer. “We serve as a security ally for our customers, helping their teams get the most out of modern security technology, protect their valuable data and remain focused on the performance of their own business.”
“Across the security landscape, there is increased acknowledgment that a ‘status quo’ approach is inadequate,” added Summit Partners managing director Andrew Collins — who has joined Red Canary’s Board of Directors. “Attackers bypass even the best security technology solutions on a daily basis. We believe Red Canary’s software-driven model delivers a uniquely high-quality, continuously improving service. And the results – an incredibly passionate customer base and year over year ARR growth exceeding 100% – speak for themselves.”
By fully integrating MDR and security orchestration, Red Canary provides a unique automation and response (“SOAR”) solution that is able to measurably decrease the time required for resolving threats. And the company’s cloud-based solution is deployed in minutes and allows security teams to decrease mean time to respond by up to 10x and drive a meaningful reduction in realized risk per endpoint over time.
“Our work in the trenches alongside security teams over the last five years has proven time and again that there is a huge need for Red Canary’s solutions. That need is reflected in our consistently rapid growth and off-the-charts customer satisfaction. But it is also readily visible in the incredible engagement from the security community through our blog, webinars and open source projects like Atomic Red Team,” added Beyer. “We’re ecstatic to work with Summit to expand our reach and help more organizations make meaningful, measurable improvements to their security outcomes. We believe the best is yet to come.”
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