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Red Canary Secures $34M Round

May 1, 2019

Red 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.

"Across 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."

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