Red Canary Raises $81 Million to Grow Security Operations Business
Red Canary, a Denver, Colo.-based managed detection and response (MDR) firm, has raised $81 million through a Series C founding round led by Summit Partners.
The provider of SaaS-based security operations solutions has now raised more than $125 million to-date, with the new funding being used to support product and personnel expansion.
Red Canary offers SaaS threat detection and 24/7 outsourced security operations services.
MDR aims to increase the speed of detection and response, consequently reducing the dwell time and the opportunity for bad actors to complete their purpose.
Founded in 2014 by Brian Beyer, Chris Rothe, and Keith McCammon, Red Canary serves hundreds of customers ranging from Fortune 100 to small businesses, and said it has experience 270% revenue growth over the past two years.
“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 Beyer, who serves as CEO of Red Canary.
Existing investors Noro-Moseley Partners and Access Venture Partners also participated in the Series C round.