Cavelo, a leading cybersecurity firm, today announced the close of a CAD$5m venture capital financing round.
The company, known for its cutting-edge attack surface management technology, has garnered investment from Inovia Capital, a premier Canadian venture capital firm. Inovia is dedicated to backing founders with aspirations of building sustainable global tech companies. Additional financial backing comes from existing partners including Graphite Ventures, all supporting Cavelo’s strategic mission.
Cavelo, in the wake of a 272% increase in year-over-year revenue, is set to use this capital to further refine its platform and enhance sales and marketing initiatives to cater to the growing North American market demand.
The company’s core offering revolves around its comprehensive cyber asset attack surface management platform. This innovative solution is tailored to support customers and channel partners in pinpointing sensitive data, its location, access points, and directing software vulnerability remediation. It’s an essential tool in today’s digital landscape where the proliferation of digitization and cloud services has escalated the complexity and cost of data breaches.
James Mignacca, Founder and CEO of Cavelo, expressed gratitude for their customers’ trust, emphasising the customer-centric design of their platform. He also highlighted the increasing regulatory requirements and the need for organizations to keep pace with evolving data protection standards.
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