On Wednesday, cybersecurity startup Red Canary announced that it raised $81 million in a Series C funding round led by Summit Partners. This brings the company’s total funding to $125 million.
Founded in 2013, Red Canary provides software to help security teams protect their company from cyber threats. The Denver-based company offers surveillance across endpoints, alerts people to suspicious behaviors, allows people to investigate potential threats and helps teams take action when necessary. Overall, the platform provides a broad view of online activity, so security teams can monitor and protect across endpoints, networks or the cloud.
It’s very important for organizations to protect their sensitive information, especially if that organization operates online. As the shift to digitization continues, organizations are putting more and more of their information on cloud-based or internet connected networks, which could create a huge liability if a malicious actor got into these networks and had access to this information. Red Canary helps people prevent this from happening.
“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,” co-founder and CEO Brian Beyer wrote in a blog post. “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.”
With more businesses relying on online solutions, they’re seeing the value in protecting themselves online, and they’re turning to Red Canary to help. In 2020, Red Canary saw 100 percent growth in customers from channel partners. Over the past two years, the company’s revenue grew by 270 percent.
The new funding round will help Red Canary grow to meet this increasing demand. The company says it will invest in R&D efforts in order to add new SaaS offerings to its platform. The company also plans to grow its sales and marketing teams to reach even more customers. Last year, Red Canary expanded its sales and customer success teams by 100 percent, and this new funding will help it grow even further.
“We will use this investment to meet the expanded demand we are seeing from security teams,” Beyer added.
