Red Canary has closed its $81 million Series C financing round led by global growth equity investor Summit Partners. The new funding will help to support continued investment in both product and team expansion as the company continues to work toward enabling every organization to make its greatest impact without concern of cyber-attacks.
A leading provider of SaaS-based security operations solutions, Red Canary provides outcome-focused solutions for security operation teams, to analyse and respond to endpoint telemetry, manage alerts across the network and provide cloud environment runtime threat detection. The company’s SaaS-based products and services are designed to improve outcomes for security operations teams by proactively detecting and shutting down any potential or real threats in their environment.
Organisations are increasingly seeking solutions that go beyond prevention to support detection and response. Research and Markets forecasts that by 2024 the MDR market will grow to $1.9B as a result of the increasing number and complexity of threats. CISOs and the teams they lead are especially struggling to recruit, retain and afford the security expertise needed to address the overwhelming volume of alerts from security infrastructure solutions.
“With a cyber-attack occurring every 11 seconds, even the most well-staffed and experienced security teams are actively looking for an ally to help them stay ahead of threats,” said Brian Beyer, CEO and co-founder of Red Canary. “Red Canary’s unique detection and response capabilities are designed to identify more threats, with higher accuracy, and enable teams to respond to those threats faster. We will use this investment to meet the expanded demand we are seeing from security teams.”
Red Canary plans on using this new funding to continue building on this significant momentum. The company aims to invest in R&D to support continued platform expansion with new SaaS offerings and grow its sales and marketing teams to further accelerate customer growth and reach.
“We believe demand for MDR solutions has intensified over the last several years as it has become a strategic imperative that is fundamentally changing security outcomes for organizations,” said Andrew Collins, managing director at Summit Partners. “Red Canary continues to innovate rapidly, building on its robust product and service offering to extend protection across the entire enterprise environment – from endpoints to networks to cloud workloads. We are excited to lead this round of funding and continue our partnership with the Red Canary team during this next phase of expansion.”