Cavelo Inc., a Waterloo, Ontario, Canada-based data discovery and cybersecurity startup, raised $1.3M CAD in pre-seed financing.
The round was led by MaRS Investment Accelerator with participation from strategic angels.
The company intends to use the funds to expand its hiring efforts and platform development to meet customer demand across North America.
Led by James Mignacca, CEO, Cavelo provides a platform that helps businesses discover, classify, track and manage sensitive data in alignment to industry and regulatory reporting requirements. 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.
The company serves businesses of all sizes as well as channel partners including IT services vendors, managed security service providers (MSSPs) and compliance consultants.