Cybersecurity company Red Canary bags $81m to support its strong growth

Red Canary, a SaaS-based security operations platform, has scored $81m in its Series C round, which was led by growth equity investor Summit Partners.

Other contributions came from previous backers Noro-Moseley Partners and Access Venture Partners.

This capital injection will enable the RegTech to enhance its product and team expansion as it looks to meet the rising customer demand. It will focus on growing its sales and marketing teams to increase its market reach.

The cybersecurity company has a goal of enabling every organisation to remove concerns of a cyberattack. Its 24/7 security operations centre provides managed detection and response to all sized businesses.

It’s software analyses masses of data each day and applies its behavioural analytics to identify the vulnerabilities.

Red Canary CEO and co-founder Brian Beyer said, “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.

“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.”

By 2024, the managed detection and response sector is expected to be worth around $1.9bn, according to data from Research and Markets. This growth will be a result of the rising frequency and complexity of threats.

This will help Red Canary continue to grow. The RegTech already has a strong growth rate, with its revenue increasing by 270% over the past two years. In 2020, its customers from channel partners, threats detected and sales and customer success teams all grew by 100%.

In addition to this, the cybersecurity released a number of new products and features.

With the close of the round, the company has raised a total of $125m in funding. The company previously raised $34m in funding back in 2019 to support the growth of its team.

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