Security operations solutions Red Canary has closed a funding round on $34m to support the scaling of its team.
The investment was led by global growth equity investor Summit Partners, with participation also coming from Access Venture Partners and Noro-Moseley Partners.
Following the close of the round, the RegTech will look to scale the size of its team in order to meet its goal of preparing all businesses for cyberattacks.
Founded in 2014, Red Canary provides organisations with managed detection and response solutions to help uncover any potential cyber threats. It’s software analyses masses of data each day and applies its behavioural analytics to identify the vulnerabilities. The cloud-based solution decreases response times by 10-times and offers, it claims.
Financial services can use Red Canary to perform full investigations of all types of threats and use endpoint analysis to maximise the detection coverages. If an incident is found, the solution breaks it down to behaviour observations, endpoint information, and detailed threat progression timelines.
Summit Partners managing director Andy Collins said, “Across the security landscape, there is increased acknowledgment that a ‘status quo’ approach is inadequate.
“Attackers bypass even the best security technology solutions on a daily basis. We believe Red Canary’s software-driven model delivers a uniquely high-quality, continuously improving service. And the results – an incredibly passionate customer base and year over year ARR growth exceeding 100% – speak for themselves.”
As part of the deal, Andy Collins will join the Red Canary board of directors.
Last year, Summit Partners acquired Perforce Software, a provider of enterprise scale software solutions. Its technology conducts audit and compliance, application lifecycle management, repository management and a range of other processes.
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