Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


11:30 AM
Dark Reading
Dark Reading
Products and Releases

Red Canary Closes $81M Series C

Denver, Colorado – February 17, 2021 – Red Canary, a leading provider of SaaS-based security operations solutions, today announced it has closed its $81 million Series C financing round led by global growth equity investor Summit Partners with participation from existing investors Noro-Moseley Partners and Access Venture Partners. The new funding brings the security company’s total investment to more than $125 million and will help support continued investment in both product and team expansion as the company works to meet rapidly growing customer demand and builds on its leadership position in the security operations and managed detection and response (MDR) market.

Red Canary is on a mission to enable every organization to make its greatest impact without concern of cyber attack. An early innovator of MDR solutions, Red Canary seeks to bring enterprise level security solutions - from endpoints to network alerts to cloud workloads - to organizations of all sizes. The company’s SaaS-based products and services are designed to improve outcomes for security operations teams by proactively detecting and shutting down threats in their environments. Red Canary offers turnkey SaaS threat detection and a security operations team response via modern, remotely delivered, 24/7 security operations center capabilities and technology. Security operations SaaS delivers the technology, process, and people for organizations that do not want or need to staff on their own, or want to augment their existing teams and outsource critical security capabilities with confidence. 

“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 Brian Beyer, CEO and co-founder of Red Canary. “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. We will use this investment to meet the expanded demand we are seeing from security teams.”

Organizations are increasingly seeking solutions that go beyond prevention to support detection and response. Research and Markets forecasts that by 2024 the MDR market will grow to $1.9B as a result of the increasing number and complexity of threats, and due to the costly process of internal management of information security. CISOs and the teams they lead are struggling to recruit, retain and afford the security expertise needed to address the overwhelming volume of alerts from security infrastructure solutions. Red Canary’s strong growth and expanding customer roster is an indication of the strong market momentum and the company’s leadership position:

  • 270% revenue growth over the past two years
  • 100% growth in customers from channel partners in 2020
  • 100% increase in threats detected by the Red Canary Security Operations Platform in 2020
  • 100% growth in sales and customer success teams in 2020
  • High customer satisfaction - NPS of 70 in 2020
  • Expanded product portfolio: Launched in 2020, Red Canary Alert Center and Red Canary Cloud Workload Protection extend the Red Canary Security Operations Platform to critical security areas across the entire environment--endpoints, network alerts, and cloud workloads

Red Canary will use this new funding to continue building on this significant momentum. The company plans to invest in R&D to support continued platform expansion with new SaaS offerings and grow its sales and marketing teams to further accelerate customer growth and reach.

“We believe demand for MDR solutions has intensified over the last several years as it has become a strategic imperative that is fundamentally changing security outcomes for organizations,” said Andrew Collins, managing director at Summit Partners. “Red Canary continues to innovate rapidly, building on its robust product and service offering to extend protection across the entire enterprise environment - from endpoints to networks to cloud workloads. We are excited to lead this round of funding and continue our partnership with the Red Canary team during this next phase of expansion.”

About Red Canary
Red Canary is the leading security ally enabling every organization to make its greatest impact without fear of cyber-attack. The company provides outcome-focused solutions for security operations teams, who rely on Red Canary to analyze and respond to endpoint telemetry, manage alerts across the network, and provide cloud environment runtime threat detection. With Red Canary, security teams can make a measurable improvement to security operations within minutes. To learn more, visit RedCanary.com.


Recommended Reading:

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
How SolarWinds Busted Up Our Assumptions About Code Signing
Dr. Jethro Beekman, Technical Director,  3/3/2021
'ObliqueRAT' Now Hides Behind Images on Compromised Websites
Jai Vijayan, Contributing Writer,  3/2/2021
Attackers Turn Struggling Software Projects Into Trojan Horses
Robert Lemos, Contributing Writer,  2/26/2021
Register for Dark Reading Newsletters
White Papers
Cartoon Contest
Write a Caption, Win an Amazon Gift Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you today!
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
PUBLISHED: 2021-03-04
Xerox AltaLink B8045/B8055/B8065/B8075/B8090 and C8030/C8035/C8045/C8055/C8070 multifunction printers with software releases before 101.00x.099.28200 allow an attacker to execute an unwanted binary during a exploited clone install. This requires creating a clone file and signing that file with a com...
PUBLISHED: 2021-03-04
Xerox AltaLink B8045/B8055/B8065/B8075/B8090 and C8030/C8035/C8045/C8055/C8070 multifunction printers with software releases before 101.00x.099.28200 allow a user with administrative privileges to turn off data encryption on the device, thus leaving it open to potential cryptographic information dis...
PUBLISHED: 2021-03-03
The Java client for the Datadog API before version 1.0.0-beta.9 has a local information disclosure of sensitive information downloaded via the API using the API Client. The Datadog API is executed on a unix-like system with multiple users. The API is used to download a file containing sensitive info...
PUBLISHED: 2021-03-03
resources/public/js/orchestrator.js in openark orchestrator before 3.2.4 allows XSS via the orchestrator-msg parameter.
PUBLISHED: 2021-03-03
GLPI is open source software which stands for Gestionnaire Libre de Parc Informatique and it is a Free Asset and IT Management Software package. In GLPI before verison 9.5.4, there is a vulnerability within the document upload function (Home > Management > Documents > Add, or /front/documen...