News Summary

Waterloo, Ontario-based cybersecurity startup Cavelo has successfully closed a $5-million seed extension round led by Inovia Capital. The company, which focuses on sales, marketing, and product development, has seen significant growth, particularly in the U.S. market, which accounts for 70% of its customer base. CEO James Mignacca highlighted the company’s shift to a channel-first model, working with managed service providers (MSPs) and managed security service providers (MSSPs) to meet customer needs more effectively. Cavelo plans to continue expanding its capabilities in automated remediation and AI-powered threat detection with the new funding.