November 10, 2023 at 11:30AM
Canadian cybersecurity startup Cavelo has secured CA$5 million in seed funding, bringing its total raised to CA$6.3 million. The funding round was led by Inovia Capital, with participation from Graphite Ventures and existing investors. Cavelo’s solution leverages machine learning to continuously scan an organization’s assets, identify sensitive data, and provide vulnerability and risk management capabilities. The investment will support product development and expand sales and marketing efforts to meet growing demand in North America.
During the meeting, it was discussed that Canadian attack surface management firm Cavelo has successfully raised CA$5 million (approximately US$3.6 million) in a seed funding round. This brings the total funding raised by the company to CA$6.3 million (roughly US$4.5 million). The funding round was led by Inovia Capital and included participation from Graphite Ventures and other existing investors.
Cavelo, a cybersecurity startup based in Waterloo, was founded in 2020. The company specializes in providing organizations with tools to scan their environments for potential data risks, such as personally identifiable information (PII) and financial information. Leveraging machine learning, Cavelo’s solution continuously scans an organization’s assets, including cloud applications, hosted servers, and on-premises systems, to identify, classify, protect, and track sensitive data.
In addition to data risk assessment, Cavelo’s platform also offers capabilities for vulnerability and risk management, helping organizations stay compliant with data protection regulations. The company caters to organizations of all types and managed service providers seeking enhanced visibility across their entire stack.
Cavelo has been primarily targeting industries with strict regulations, and its customer base includes financial services and manufacturing organizations, law firms, and municipalities.
With the newly raised funding, Cavelo aims to accelerate product development and expand its sales and marketing efforts to meet growing demand in North America.
Cavelo CEO and founder James Mignacca highlighted the importance of their platform in an increasingly digitized and cloud-driven world, emphasizing that organizations need effective tools to identify sensitive data and mitigate cyber risk and exposure.
Related funding news mentioned during the meeting includes Tidal Cyber raising $5 million for its threat-informed defense platform, Risk Ledger raising £6.25 million for its supply chain security solution, Myrror Security emerging from stealth mode with $6 million in funding, and FusionAuth securing a $65 million investment for its customer identity technology.