Managed detection and response provider Binary Defense this week announced it has raised $36 million in its first funding round, which was led by Invictus Growth Partners. Previously, Binary Defense was bootstrapped.
Founded in 2014 by Dave Kennedy, the Stow, Ohio-based firm helps organizations monitor, detect, and respond to cyberattacks in real time.
The company has adopted a Managed Open XDR model that retrieves detections from endpoints, network, and the cloud, and offers a SOC-as-a-Service solution for organizations that lack the resources needed for establishing an in-house security operations center (SOC).
Binary Defense says it plans to use the funding to accelerate sales and marketing, expand partnerships, invest in machine learning, and continue development of its Managed Open XDR offering.
“Binary Defense offers a differentiated value proposition to protect their customers with a proactive, hacker’s mindset. They bring a unique combination of detection technology, cybersecurity experts, and operational best practices to the MDR space,” Invictus co-founder and managing partner John DeLoche said.
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