Red Canary, a Top 250 MSSP and Top 40 MDR (managed detection and response) provider, has secured $81 million in a Series C financing round led by growth equity investor Summit Partners. The financing brings Red Canary's total funding to more than $125 million.
With the Series C funding, Red Canary plans to invest in research and development and expand its sales and marketing teams, according to the company. Red Canary also will use the funding to explore ways to meet growing demand for its security operations and MDR solutions.
What Does the Series C Funding Mean for Red Canary?
The Series C funding helps Red Canary build on "significant momentum," the company said. It comes after Red Canary reported revenue, customer and sales growth, which is reflected in the following milestones:
- 270 percent revenue growth over the past two years
- 100 percent growth in customers from channel partners in 2020
- 100 percent growth in sales and customer success teams in 2020
The company did not disclose actual revenue or profit dollar figures.
Meanwhile, the Series C funding also helps Red Canary capitalize on rising demand for MDR solutions around the world.
Global MDR market revenues are expected to increase at a compound annual growth rate of 16.4 percent between 2020 and 2024, industry analyst Research and Markets noted. In addition, these revenues could exceed $1.9 billion by 2024.
A Closer Look at Red Canary
Red Canary offers turnkey SaaS threat detection via its security platform, the company said. The platform provides security analytics, reporting and automation capabilities.
Organizations can use Red Canary's platform to supplement their existing security teams or outsource their cybersecurity, the company stated. They can leverage the platform to identify and respond to cyber threats and track their efforts.
Red Canary in October launched Red Canary Alert Center to help security teams view, manage and prioritize alerts. It also released its Red Canary MDR for Microsoft Defender Advanced Threat Protection (MDATP) solution in May.