The cybersecurity sector is constantly changing, and it’s up to IT teams and operations to adapt to customer demands and competitive pressures to prevent costly cyberattacks. It’s no surprise that with the acceleration of digital transformation comes an even bigger demand for a burgeoning sector— Security Operation Centers-as-a-Service (SOC-as-a-service).
According to Mordor Intelligence, the SOC-as-a-service market is expected to grow at a CAGR of 15.7% over the forecast period from 2021 to 2026.
A leading provider of SaaS-based security operations solutions, Denver company Red Canary, is benefiting from such a trend. The company offers outcome-focused solutions for security operations teams with a platform that helps analyze and respond to endpoint telemetry, manage alerts across the network, and provide cloud environment runtime threat detection. The company’s SaaS-based products and services are designed to improve outcomes for security operations teams by proactively detecting and shutting down any potential or real threats in their environment.
“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,” said Brian Beyer, CEO and Co-Founder of Red Canary. “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.”
The company has now recently announced that it has raised $81 million in a Series C financing round led by growth equity investor Summit Partners. The financing brings Red Canary’s total funding to more than $125 million. The funding helps Red Canary build on “significant momentum,” the company said. It will also use funds to invest in research and development to support continued platform expansion with new SaaS offerings, and grow its sales and marketing teams to further accelerate customer growth and reach.
Recently, Red Canary reported growth across revenue, customers, and sales, with 270% revenue growth over the past two years, 100% growth in customers from channel partners in 2020, and 100% growth in sales and customer success teams in 2020. As the SOC-as-a-Service trend continues with increased cyber-vigilance, companies like Red Canary will continue to see growth well into the new digital age.
