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Visit Summit’s 2021 Mid-year Update for more stories, news and perspectives from the first half of the year.

In an era defined by the increasing sophistication and speed of cyber-attacks – at a time when security is top of mind for companies of all sizes, across industries and around the world – Red Canary is on a mission to create a world where every organization is free to make its greatest impact without fear of damage from cyber-attack. Founded in 2014 by a team of security and data processing experts, Red Canary has grown rapidly, and capital efficiently, over the course of the last six years. The company leverages purpose-built technology, process and people to deliver SaaS-based security operations solutions designed to help customers outsource or augment critical security capabilities with confidence.

Summit first partnered with Red Canary in 2019 and led an $81 million follow-on investment in 2021. A pioneer of managed detection and response (“MDR”) solutions, Red Canary seeks to bring enterprise-level security solutions – from endpoints to network alerts to cloud workloads – to companies of all sizes. Today, Red Canary defends hundreds of organizations around the world – from global Fortune 500s to 100-employee organizations.

Defending Against Adversaries: Insights from Brian Beyer, CEO and Co-Founder of Red Canary

“We’re defending against sophisticated, technology-enabled human adversaries. And so, we apply the same combination, starting with software that allows us to process data at massive scale – 300-400 terabytes of data per day – and then plugging in security engineer expertise who can help to discern what is actually a threat. This approach drives incredibly high accuracy along with very low false positives and results in 75% reduction in realized risk per endpoint.”

Protecting Your Expanding Attack Surface

As cyber-attacks become more sophisticated and frequent, organizations are increasingly seeking security solutions like Red Canary’s security operations platform that have the ability to go beyond threat prevention and support a more proactive posture of threat detection and response. Companies have spent the past decade or more migrating from a traditional enterprise architecture to a hybrid architecture, a transition that extended the data center to the cloud, increased the importance of a secure endpoint and assumed virtual-first applications. We believe this evolution requires the continued shift towards a zero-trust architecture and the usage of modern, high-volume telemetry for threat detection, anchored on the endpoint and extending to the network, cloud and other parts of the enterprise architecture.

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We have seen this evolution play out across our own portfolio, and the urgency has only accelerated with the rapid shift to remote and hybrid work environments over the course of 2020. CISOs and the teams they lead are struggling to recruit, retain and afford the security expertise needed to address an overwhelming volume of alerts from security infrastructure. As a result, demand for security operations and MDR solutions – like those offered by Red Canary that deliver purpose-built software, powered by threat intelligence, and managed by security and threat research experts – is significant and growing. By removing the need to integrate, manage, and staff a threat detection operation, the best managed detection and response vendors act as an enterprise security team’s ally, enabling them to focus on the highest-priority security issues impacting their business.

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Summit Partners has invested in dozens of security-oriented software companies at the leading edge of each major shift in the threat landscape – from personal identity protection to enterprise-level threat detection and beyond. As the security landscape continues to evolve, we are proud to support the businesses that we believe go above and beyond to protect individuals and organizations from cyber-threats and the work they do to improve how we predict, respond to and prevent potentially devastating cyber-attacks.

Summit's Security Experience

About the Authors

Andrew Collins and Colin Mistele led Summit’s investment in Red Canary and serve on the company’s Board of Directors. Andy and Colin are Managing Directors in Summit’s Menlo Park office and are members of Summit’s global technology team.

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