Red Canary Raises $6M So Every Business Can Detect and Stop Cyber Attacks

DENVER, CO (Business Wire) – Red Canary, the Managed Detection and Response solution that continuously monitors, analyzes, and investigates organizations’ systems for cybersecurity threats, today announced it has raised $6.1M in Series A funding from Access Venture Partners, Noro-Moseley Partners, Service Provider Capital, and existing investor Kyrus.

Red Canary selected investors that bring deep security and SaaS experience to the Red Canary board. The funds will be used to accelerate Red Canary’s vision that every organization is able to detect and respond to cyber attacks.

“Every organization is being asked by their board if they are secure,” said Frank Mendicino, Partner at Access Venture Partners. “The traditional approach of buying the newest, flashy product or hiring managed service providers is not stopping the attacks that lead to headline-grabbing breaches. I’m excited to join Red Canary as they take a unique approach which I believe is the best way to stop these attacks.”

The Solution: Detection and Response

The only way organizations can know when a threat is inside their network is to closely analyze their internal activity and investigate every potential threat. This requires a combination of visibility, detection, event management, and investigative technology operated by security experts who understand how to use the technology to identify cyber attacks. Realistically, only the world’s most sophisticated organizations have the resources to build and staff a detection and response capability.

“The past five years have seen an explosion in so-called ‘next-generation’ security products that promise to stop malware, detect insider threats, and prevent breaches all while promising limited involvement from security staff, effectively detection and response without the work,” said Brian Beyer, Red Canary CEO and Co-Founder. “What most organizations are realizing is that these tools miss threats and they still require dedicated security professionals. Organizations don’t need silver bullet products; they need security solutions that solve their technology, process, and expertise problems.”

Red Canary was built to bring threat detection and response to businesses whether they have 50 or 50,000 employees. The technology, process, and expertise Red Canary combines is the best way to detect attacks and stop breaches without burdening security teams. For the first time, every organization has access to security capabilities that can defend against today’s advanced threats.

How Red Canary Works

Red Canary continuously analyzes every piece of activity from every endpoint across an organization, hunting for patterns of system and user activity that are commonly associated with cyber threats and attacks. Anything that looks potentially threatening is investigated by a Red Canary expert analyst who uses the full historical recording of what happened on the system and an arsenal of investigative tools.

If the Red Canary analyst’s investigation confirms the activity is a threat, the customer is immediately notified with the information they need to understand the threat and the tooling to stop the attack before it results in a breach. The innovative inclusion of analyst triage and confirmation in the Red Canary solution means that every detection a customer receives has been investigated by a Red Canary analyst.

“The breadth of Red Canary’s detection technology combined with the accuracy of their security operations center means they are a layer of security I can depend on while focusing my security team on securing other parts of my organization,” said Mike Maksymow, Chief Information Officer at Beebe Healthcare, a 200-licensed-bed hospital and healthcare system in Delaware. “At the end of the day, that’s what I want from my security partners.”

The Future of Managed Security

More than 100 organizations worldwide trust Red Canary to manage their threat detection and response with strong concentrations in the financial services, healthcare, technology, and defense contracting space. Red Canary recently won the prestigious Red Herring Top 100 North America, an award recognizing the innovations and technologies of leading private companies from the United States and Canada.

“What Red Canary has built is extremely unique and very effective,” said Alan Taetle, General Partner at Noro Moseley Partners. “We originally invested in the SecureWorks team that defined the MSSP model, and it is very obvious that Red Canary’s approach is the future of managed security. Their combination of technology and expertise is exactly what companies need in their fight against new and emerging threats.”

About Red Canary

Red Canary was founded in 2013 by a team of cybersecurity and big data processing experts to make customers’ security better. The Managed Detection and Response solution combines industry-defining technology, process, and expertise to accurately detect threats that bypass other security tools. Headquartered in Denver, Red Canary empowers organizations to stop attacks before they result in breaches. To learn more visit www.redcanary.com.