Cybersecurity platform Cavelo lands C$5m in seed round

• Cavelo helps businesses achieve ASM with automated data discovery, classification and reporting
• The seed round’s proceeds will support continued platform development and sales and marketing efforts across North America
• Based in Montreal, Inovia is a full-stack venture capital firm

Cavelo, a Kitchener, Ontario-based attack surface management (ASM) technology provider, has secured C$5 million in seed financing.

The round was led by Inovia Capital, with participation from Cavelo’s existing investors, including Graphite Ventures.

Cavelo helps businesses achieve ASM with automated data discovery, classification and reporting. Its cloud compatible cyber asset ASM platform continuously scans, identifies, classifies and reports on sensitive data across the organization, simplifying compliance reporting, vulnerability management and risk remediation.

The company’s platform counts more than 17,000 active agents in organizations across manufacturing, financial, legal and municipal services. It serves businesses of all sizes as well as channel partners, including IT services vendors, managed security service providers and compliance consultants.

The seed round’s proceeds will support continued platform development and sales and marketing efforts to meet customer demand across North America.

“Cavelo represents the future of cybersecurity investments,” said Taha Mubashir, a principal at Inovia Capital, in a statement. “To spite continued market headwinds, Cavelo is driving significant growth through its customer-first approach and commitment to attack surface management innovation.”

Based in Montreal, Inovia is a full-stack venture capital firm managing more than $2.2 billion. It also has offices in Toronto, Calgary, San Francisco and London.‍