Red Canary Secures $34M Round
May 1, 2019
Canary has raised $34 million in a funding round led by global equity
growth 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.
the security landscape, there is increased acknowledgment 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."