LifeRaft, a Halifax security intelligence company, has closed a round of funding from the Canadian Business Growth Fund, or CBGF, believed to be worth more than $3 million.
LifeRaft, which said CBGF was the only investor in the round, did not disclose how much money it raised. However, the press release announcing the funding said the Toronto-based fund customarily makes investments of $3 million to $20 million.
The company will use the money for sales, marketing and development of its Navigator product, which alerts companies and organizations if online activity flags a threat to its employees, customers or assets. Its array of features can be used for such tasks as crisis management, critical infrastructure monitoring, executive protection, facility security, fraud prevention, location monitoring, and threat detection.
"We are extremely proud of the product and team we have built, which is helping to keep some of the most recognized brands around the world safe," said LifeRaft CEO John Gallinaugh in the statement. "As the security landscape evolves, we are thrilled to have the support from CBGF to deliver on the high expectations of innovation and support that our customers have come to expect from LifeRaft."
LifeRaft started in 2014 to develop technology that could scan social media to find words or phrases that indicated someone was contemplating a crime. The company has refined its mission to helping organizations and large companies find out early if someone wants to harm them.
It now has 52 employees and more than 100 blue-chip customers, including many of the Fortune 100, in over 25 countries across such industries as broadcasting, telecoms, finance, healthcare, energy and hospitality. As well as Gallinaugh, the LifeRaft leadership team includes CTO Eduardo Capouya, Chief Business Officer Darren MacLeod and Chief Growth Officer Mary Jane Leslie.
This investment marks CBGF's second investment in Nova Scotia, after it closed a substantial funding round with Halifax’s Proposify in June. The fund, which has $545 million under management, is backed by the largest Canadian banks and insurers. With the closing of the LifeRaft investment, two of the 16 companies in its portfolio are based in Atlantic Canada.
LifeRaft said in the statement the new capital will enable it to deliver critical software developments that will help customers strengthen their security programs.
"We believe LifeRaft has built an extensive platform and customer base to date and provides a unique and important offering to enterprises as external security threats continue to increase,” said CBGF Chief Executive George Rossolatos in the statement. “We look forward to helping John and the LifeRaft team execute on their vision and plans for growth. "