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."