Caveonix Secures Over $7 Million in Series A FundingJanuary 5, 2021
Caveonix, the company automating compliance and security posture management for the hybrid and multi-cloud, announced it has raised $7.3 million in Series A funding. The round was led by First In Capital, as well as other early investors in the company.
Founded in October 2017 and funded since inception by cybersecurity veterans Tim Sullivan and Kaus Phaltankar, Caveonix provides digital risk and compliance management solutions for enterprises undergoing digital transformation. The first digital risk management platform built for the hybrid cloud, Caveonix RiskForesightTM dramatically reduces overall cost of compliance by establishing a uniform Risk Management Control Plane that overlays an enterprise’s data centers, private clouds, and public cloud deployments. Without RiskForesight, enterprises must deploy separate risk management platforms for both their legacy data centers and their cloud deployments, thus creating information silos, cost inefficiencies and inherent security risks.
“As more and more enterprises migrate to cloud-based solutions to manage their businesses, Caveonix is leading the way in securing their digital transformation journey,” says Renny McPherson, managing partner at First In Capital. “The team at Caveonix had a prescience and vision early on that the end state of digital transformation is a hybrid cloud. Our team at First In Capital believes both the company and the platform were created at just the right time. This round of funding gives them the opportunity to accelerate on many levels.”
Through this funding, Caveonix will continue expanding in several key areas of product and business development. Caveonix is preparing for the upcoming launch of its new SaaS platform, Caveonix Cloud, within several key markets and partner networks. The Caveonix Cloud suite of modules built on RiskForesight includes Cloud Security Posture Management (CSPM), Cloud Workload Protection Platform (CWPP) support, and integrated Governance Risk and Compliance (GRC). This funding will continue to support the flourishing partnerships Caveonix has with AWS, IBM, VMWare and Dell, and help reach more customers in the federal and enterprise markets. The company also intends to increase its sales force, add to the product development and customer service teams, and continue the development and implementation of its marketing strategies.
“Our goal at Caveonix is to accelerate digital transformation for our customers by providing them the continuous monitoring and compliance they need in hybrid and multi-cloud environments,” said Tim Sullivan, Co-CEO, Caveonix. “This industry continues to evolve, and Caveonix will evolve with it, offering the risk management solutions needed to secure cloud-based environments and mitigate risks. We feel fortunate to have the ability to move forward more rapidly thanks to this round of funding.”