Binary Defense Systems, a managed detection and response (MDR) and enterprise defence provider, has raised $36m for its first institutional growth equity funding round.
The investment was led by Invictus Growth Partners, a growth equity and buyout firm that invests in bootstrapped and capital efficient CyberTechs and FinTechs.
With the funds, Binary Defense Systems plans to accelerate its sales and marketing efforts and broaden its partner ecosystem. It also hopes to expand its machine learning capabilities and create a world-class managed open XDR offering.
Binary Defense Systems, which was previously bootstrapped, was founded by David Kennedy and Mike Valentine.
The company provides customers with remotely delivered security operations centre functions. These functions allow users to quickly detect,
Binary Defense Systems co-founder and chief hacking officer David Kennedy said, “When I started Binary Defense, my vision was to make the world a safer place. analyse, investigate, and respond to cyber threats.
A report from Gartner claims that by 2025 the MR market will reach $2.15bn in revenue, with a compound annual growth rate of over 20%.
“Over the past several years, we have experienced amazing growth, added experienced cyber leadership, and developed innovative capabilities to advance our defensive maturity. I am extremely excited about this partnership with Invictus because we are one step closer to bringing my vision into reality. John and the team at Invictus are the perfect fit for our vision for the future. We are entering a new era at Binary Defense in helping to make the world a safer place.”
Stifel Financial Corp. served as exclusive financial advisor to Binary Defense in the transaction.
Binary Defense CEO Bob Meindl added, “We are at a unique crossroads in security where the massive market opportunity is converging with Binary Defense’s expertise in technology development and MDR service delivery. We have built a best-of-the-best leadership team with each member tallying decades of cyber experience.”
Earlier in the year, fellow MDR platform Lumifi raised funds from Californian private equity firm HCAP Partners.
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