Canadian attack surface management firm Cavelo has raised CA$5 million (approximately US$3.6 million) in a seed funding round that brings the total raised by the company to CA$6.3 million (roughly US$4.5 million).
The new investment round was led by Inovia Capital, with participation from Graphite Ventures and other existing investors.
Founded in 2020, the Waterloo-based cybersecurity startup provides organizations with the necessary means to scan their environments for data that might be at risk in the event of a breach, including 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.
The solution enables organizations to learn who has access to sensitive data, and provides vulnerability and risk management capabilities, to help them stay compliant with data protection regulations.
The platform, Cavelo says, is suitable for organizations of all types and for managed service providers looking for increased visibility across their entire stack.
Focusing on industries with strict regulations, the company has added to its customer base financial services and manufacturing organizations, law firms, and municipalities.
The new investment will help Cavelo accelerate product development and expand its sales and marketing efforts to meet increasing demand in North America.
“As organizations lose control of their data due to digitization and cloud service adoption, their cyber risk, exposure and cost of breach soars,” Cavelo CEO and founder James Mignacca said.
“The Cavelo platform is a turnkey product that allows customers and channel partners to identify sensitive data, where it resides, who has access to it, and where software vulnerability remediation efforts should be focused, ultimately mitigating risk and exposure,” Mignacca continued.