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Virginia based digital risk and compliance management solutions developer company, Caveonix, which was founded in October 2017, has reportedly declared that it has secured USD 7.3 million in Series A funding, which was led by First In Capital, alongside other initial investors in the company.
As per the reliable sources, the funding will enable Caveonix to expedite its expansion in crucial areas such as product and business development. The company is focusing on the upcoming launch of a new SaaS platform, Caveonix Cloud, which is a suite of modules built on RiskForesight, including Cloud Workload Protection Platform (CWPP), Cloud Security Posture Management (CSPM), and integrated Governance Risk & Compliance (GRC).
Moreover, the Series A funding will support the company’s partnerships with Dell, VMWare, AWS, and IBM, while serving customers across enterprise and federal markets. Sources close to the development claimed that the funding will also be leveraged by Caveonix to expand its sales force, develop & implement market strategies, and make additions to product development and customer service teams.
First In Capital managing partner, Renny McPherson stated that as more businesses migrate to cloud computing to manage their operations, Caveonix is directing their journey for secure digital transformation. He further added that their team at First In Capital believes that Caveonix was created in the nick of time, and the funding round allows the company to spearhead many levels.
Meanwhile, Tim Sullivan, Co-CEO of Caveonix, was reportedly stated that the company envisions to accelerate digital transformation by providing constant monitoring and compliance solutions for hybrid and multi-cloud environments.
Sullivan showcased his delight for a successful funding round and added that the industry vertical is continuously evolving and Caveonix will evolve with it, thereby offering improved risk management solutions to mitigate risk and secure cloud based environments.
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