As the frequency of cyber attacks increases, businesses are being forced to focus on the effectiveness of their security solutions.
According to a 2018 Forbes story, global businesses recorded almost 23 million significant security breaches in 2011 and 30 million by 2013. Since then, the frequency of incidents has increased, growing over 33 percent a year on average.
To keep up with increasing threats, outlays for cybersecurity in the U.S. have jumped from $40 billion in 2013 to $66 billion in 2018.
As companies place a priority on cyber security, Denver-based security solutions provider Red Canary announced that it has raised a $34 million funding round.
The round was led by Boston-based Summit Partners, with participation from existing investors Access Venture Partners and Noro-Moseley Partners.
Red Canary, founded in 2014, specializes in managed detection and response solutions, working to defend hundreds of organizations around the world – from global Fortune 100s to 100-employee organizations.
The company's software platform analyzes over 500 terabytes of telemetry per day, applying its behavioral analytics technology to identify potential threats to a team of security analysts.
"We are in the golden age of data in security. Security teams have more telemetry, tools, and budget than ever before but unfortunately, in many cases, this has not resulted in a meaningful improvement in security outcomes," said Brian Beyer, CEO and co-founder of Red Canary. "We serve as a security ally for our customers, helping their teams get the most out of modern security technology, protect their valuable data and remain focused on the performance of their own business."
The company will use this funding to grow its team, hoping to add 50 employees to its nearly 100 person team in the next year, according to the Denver Business Journal.
This funding comes on the heels of a $6.3 million venture round in May 2018 and brings Red Canary's total funding to $48.9 million, according to Crunchbase.
