Data discovery and cybersecurity platform Cavelo has closed its pre-seed round on CAD 1.3m ($1m) to support its growing demand in North America.
The round was led by MaRS Investment Accelerator, with commitments also coming from unnamed strategic angels.
Capital will be used to bolster hiring efforts and increase product development to meet the rising demand in North America.
Cavelo helps businesses to discover, classify, track and manage sensitive data in alignment to industry and regulatory reporting requirements.
The company’s clients include businesses of all sizes, as well as channel partners such as IT services vendors, managed security service providers and compliance consultants.
Cavelo CEO James Mignacca said, “It’s impossible for businesses to protect the data they don’t know about.
“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.”
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