Cavelo, a Kitchener, Canada-based attack surface management technology provider, raised CAD$5M in funding.
The round was led by Inovia Capital, with participation from existing investors including Graphite Ventures.
The company intends to use the funds to support continued platform development, and sales and marketing efforts to meet customer demand across North America.
Led by James Mignacca, Founder and CEO, Cavelo helps businesses achieve attack surface management with automated data discovery, classification and reporting. Its cloud compatible cyber asset attack surface management (CAASM) platform continuously scans, identifies, classifies and reports on sensitive data across the organization, simplifying compliance reporting, vulnerability management and risk remediation.
Cavelo serves businesses of all sizes as well as channel partners including IT services vendors, managed security service providers (MSSPs) and compliance consultants.
Notable business highlights include:
- sales growth — increasing year-over-year annual recurring revenue by 272%.
- Market traction — two-fold year-over-year new customer acquisition.
- Channel expansion — attributing approximately 50% of overall revenue to channel.
FinSMEs
13/11/2023