Investment to accelerate delivery of outcome-focused security operations solutions
Red Canary, a leading provider of security operations solutions, today announced that it has raised $34 million in a funding round led by global growth equity investor Summit Partners and joined by existing investors Access Venture Partners and Noro-Moseley Partners. The company will leverage this funding to scale its team in support of Red Canary’s mission: to create a world where every organization is free to make its greatest impact without fear of damage from cyber attack.
Red Canary is a pioneering provider of managed detection and response ("MDR") solutions. MDR is one of the fastest growing areas of the information security market. Founded in 2014, Red Canary already defends hundreds of organizations around the world – from global Fortune 100s to 100-employee organizations. The company’s proprietary software platform ingests and analyzes over 500 terabytes of telemetry per day and 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 Brian Beyer, CEO and co-founder of Red Canary. “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.”
Red Canary provides a unique solution that fully integrates MDR and security orchestration, automation and response (“SOAR”) capabilities to measurably decrease the time required to resolve threats. 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 meaningful reduction in realized risk per endpoint over time.
“Across the security landscape, there is increased acknowledgement that a ‘status quo’ approach is inadequate,” said Andy Collins, a Managing Director at Summit Partners 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.”
“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,” Beyer added. “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.”
About Red Canary
Red Canary is a security operations ally to organizations of all sizes. The company delivers outcome-focused solutions that can be deployed in minutes to identify and shut down attacks. Founded in 2014, Red Canary is a pioneer in providing managed detection and response solutions that integrate behavioral analytics and automated response with 24/7/365 investigation by an expert Cyber Incident Response Team. To learn more, visit https://redcanary.com/.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 480 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable security technology companies financed by Summit Partners include Avast, Darktrace, InfoArmor, McAfee, NetWitness, RiskIQ and Safeboot. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.