Attack Surface Management Technology Provider Cavelo Announces CAD$5M Funding Round
Financing Comes as Data Privacy and Data Security Requirements Fuel Cavelo’s Customer Acquisition, 272% Year-over-Year Revenue Growth
KITCHENER, ON – November 8, 2023 – Attack surface management technology provider Cavelo Inc. today announced it has secured CAD$5M in venture capital financing led by Inovia Capital, a leading Canadian venture capital firm supporting founders who build global sustainable tech companies, with participation from existing investors including Graphite Ventures. The investment will support continued platform development, and sales and marketing efforts to meet growing customer demand across North America.
“Cavelo represents the future of cybersecurity investments,” said Taha Mubashir, Principal at Inovia Capital. “To spite continued market headwinds, Cavelo is driving significant growth through its customer-first approach and commitment to attack surface management innovation. We’re thrilled to welcome Cavelo to our portfolio and look forward to continued success.”
“Our success is a direct result of our customers’ trust and we’re grateful for their continued support,” said James Mignacca, Founder and CEO at Cavelo. “Every detail of the Cavelo platform was designed with their needs in mind. As organizations lose control of their data due to digitization and cloud service adoption, their cyber risk, exposure and cost of breach soars. The Cavelo platform is a turnkey product that allows customers and channel partners to identify sensitive data, where it resides, who has access to it, and where software vulnerability remediation efforts should be focused, ultimately mitigating risk and exposure.”
Ever-evolving data privacy and data security compliance drivers, cyber insurance requirements and continued security stack consolidation are impacting technology adoption trends. Regulations including the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) set data monitoring and reporting requirements to ensure businesses have appropriate measures in place to protect end user data. The Cavelo platform helps organizations and managed service providers easily quantify risk and prioritize remediation, in alignment to industry and regulatory reporting requirements.
"Cavelo is excellent next generation cyber asset attack surface management (CAASM) — the support experience has been phenomenal," said William Ercolano, Vice President of Client Technology at ECI, a Cavelo customer and channel partner. "Cavelo helps us find and monitor all of our client's data across many different platforms. It also shows us our risk of data leakage in an intelligent format that is easy for executives to understand."
Notable Cavelo business highlights include:
- Rapid 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.
Recognized as a 2022 CRN Emerging Vendor, the Cavelo platform counts more than 17,000 active agents in organizations across manufacturing, financial, legal and municipal services. Cavelo serves businesses of all sizes as well as channel partners including IT services vendors, managed security service providers (MSSPs) and compliance consultants.
“When it comes to compliance, requirements will continue to increase,” said Mignacca. “While we are seeing tools consolidation, our customers recognize that bad actors won’t give their organization a pass due to budget restrictions. Leaders are laser focused on effective and efficient budget spending to strengthen their security posture. This investment signals exciting times ahead for us in terms of how we can continue to support our customers and channel partners.”
About Cavelo
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. For more information visit www.cavelo.com.
About Inovia Capital
Inovia Capital is a venture capital firm that partners with founders to build impactful and enduring global companies. The team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over US$2.2B with operations in Montreal, Toronto, Calgary, Bay Area, and London. For more information, visit inovia.vc.
Cavelo Media Contact
Mandy Bachus