Total amount raised
$129.9 Millions
Latest funding date
2/1/2021
Location
Red Canary has successfully raised significant funding through multiple rounds, with notable investors such as Summit Partners and Noro-Moseley Partners backing the company. The platform specializes in cybersecurity, offering services like Managed Detection and Response (MDR) and Threat Intelligence.
Keep reading to explore the intricacies of Red Canary's fundraising journey and the investors supporting this innovative cybersecurity platform.
What Is Red Canary?
Red Canary, founded in 2014, is a cybersecurity company based in Denver, Colorado. The company was established by Brian Beyer, Chris Rothe, and Keith McCammon. With a team of 251-500 employees, Red Canary specializes in Managed Detection and Response (MDR) and threat intelligence services.
How Much Funding Has Red Canary Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: March 2015
- Lead Investors: Legion Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the core cybersecurity platform.
- Series A
- Amount Raised: $6.1M
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance product development.
- Venture Round
- Amount Raised: $6.3M
- Date: May 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Venture Round
- Amount Raised: $34M
- Date: April 2019
- Lead Investors: Summit Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and invest in new technology.
- Series C
- Amount Raised: $81M
- Date: February 2021
- Lead Investors: Summit Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand R&D efforts, add new SaaS offerings, and grow sales and marketing teams.
Total Amount Raised: $129.9M. Current Valuation: Not publicly disclosed.
Key Investors
- Summit Partners
- Details: Summit Partners is a global growth equity investor. They have a history of investing in high-growth sectors and companies.
- Investment Focus Areas: Technology, healthcare, growth industries.
- Notable Investments: Uber, Avast, McAfee.
- Noro-Moseley Partners
- Details: Noro-Moseley Partners is an investment firm that focuses on early and growth-stage companies. They have been active investors in the technology and healthcare sectors.
- Investment Focus Areas: Healthcare, technology.
- Notable Investments: Sharecare, Wellcentive.
- Access Venture Partners
- Details: Access Venture Partners is an early-stage venture capital firm. They invest in technology companies with high growth potential.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: LogRhythm, Craftsy.
- Legion Capital
- Details: Legion Capital is a private equity firm. They focus on providing growth capital to emerging companies.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Red Canary?
Red Canary is poised to capitalize on the growing demand for cybersecurity solutions, driven by the increasing frequency of cyberattacks. With a recent $81 million Series C funding round, the company plans to expand its sales and marketing teams and invest in R&D to develop new SaaS offerings. This positions Red Canary to meet the needs of a market projected to reach $1.9 billion by 2024.
Future fundraising opportunities seem promising as the company continues to innovate and grow. However, challenges such as recruiting skilled security professionals and keeping up with the rapidly evolving threat landscape remain. Despite these hurdles, Red Canary's strategic investments and robust growth trajectory suggest a bright future ahead.
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