Kitchener, Ontario-based Cavelo, a data discovery and cybersecurity startup, has raised C$1.3 million in pre-seed financing. MaRS Investment Accelerator led the round with participation from angel investors. Cavelo helps businesses reduce cybersecurity data risk and achieve compliance.
WATERLOO, ONTARIO (PRWEB) FEBRUARY 04, 2021
Cavelo Inc. today announced $1.3M CAD in pre-seed financing led by MaRS Investment Accelerator with participation from strategic angels. The investment will support the company’s hiring efforts and platform development to meet growing customer demand across North America.
Ever-increasing global and industry data privacy and protection requirements such as the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry (PCI) Data Security Standard set data monitoring and reporting requirements to ensure businesses have appropriate measures in place to protect end user data. The Cavelo platform helps businesses discover, classify, track and manage sensitive data in alignment to industry and regulatory reporting requirements.
“It’s impossible for businesses to protect the data they don’t know about,” said James Mignacca, CEO at Cavelo. “Data protection starts with discovering the data you have, yet many businesses lack the resources needed to manage the high volumes of data that their servers, cloud applications and endpoint devices gather. Businesses have an obligation to understand and properly classify the data they keep. The Cavelo platform offers businesses an affordable and scalable solution to support data protection and achieve regulatory compliance.”
Cavelo serves businesses of all sizes as well as channel partners including IT services vendors, managed security service providers (MSSPs) and compliance consultants.
“We have spent a lot of time with the Cavelo team both as active members of the Waterloo technology ecosystem and as an initial investor in the company,” said Aaron Bast, Senior Investment Director at MaRS Investment Accelerator Fund. “James (Mignacca) and the company’s CFO Scott Hamilton are proven operators with incredible track records. The Cavelo platform closes an important gap in the cybersecurity and data privacy landscape as distributed networks become more common. We are excited to be partnering with the company on this next phase of development and growth.”
To learn more about the platform or to schedule a demo please visit: http://www.cavelo.com/product
About Cavelo Inc.
Cavelo helps businesses proactively reduce cybersecurity data risk and achieve compliance with automated data discovery, classification and reporting. Its cloud compatible data risk management platform continuously scans, identifies, and classifies sensitive data across all cloud applications and all endpoint devices including laptops, desktops and servers, simplifying compliance reporting and risk remediation. For more information visit http://www.cavelo.com and follow @Cavelo_Inc.
About MaRS Investment Accelerator Fund
MaRS Investment Accelerator Fund (IAF) is a leading early stage venture capital firm investing in IT, health and cleantech companies in Ontario. Since 2008, IAF has partnered with over 150 founders to provide the capital, community, and connections needed to bring ideas to market. For more information, please visit http://marsiaf.com or follow @MaRSIAF on Twitter.