NEW VENTURE BACKED BY TECH VETERANS ADDS TO THRIVING CYBERSECURITY CLUSTER
Posted by Kevin Crowley | Feb 4, 2021 |
Waterloo Region’s burgeoning cybersecurity cluster continues to grow with the launch of a new startup, Cavelo Inc., led by local veterans in the field.
The Kitchener-based company unveiled itself today with an announcement of CDN$1.3 million in pre-seed financing led by MaRS Investment Accelerator Fund and participation from angel investors.
The Cavelo platform helps businesses discover, classify, track and manage sensitive data in alignment with industry and regulatory reporting requirements, the company said in a news release.
“It’s impossible for businesses to protect the data they don’t know about,” said CEO James Mignacca, who worked for Sandvine and eSentire before starting his own companies. “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.”
As concern grows over the protection of sensitive information, regulatory agencies are requiring organizations to ensure they have appropriate measures in place to protect end-user data. Examples include the General Data Protection Regulation, the Health Insurance Portability and Accountability Act, and the Payment Card Industry Data Security.
“Businesses must be able to demonstrate that they know what data they have and how they’re protecting it, otherwise they face very real and very large fines,” Mignacca told Communitech News. “The (Cavelo) platform ticks the compliance checkbox, but more importantly it gives businesses peace of mind that they have a complete data inventory for regulatory audits.”
Mignacca is a serial entrepreneur with experience in the network and cybersecurity sectors of the Waterloo Region tech ecosystem. After working with Sandvine and eSentire, Mignacca founded Root Cellar Technologies in 2013. He sold the data management business in 2018 and soon after launched RootSecure Corp., which provided cyber risk-assessment of networks and devices.