Covarity secures $3 million in venture capital

KITCHENER – Covarity Inc. receives an additional $3 million in VC funding from BDC, GrowthWorks, Tech Capital Partners and VentureLink Group of Funds. The loan management software maker says it will use proceeds from the investment to open new markets for its solution, which helps financial institutions Covarity122X19.pngmanage risk by automating monitoring of commercial loans. "Banks in the U.S. have not monitored commercial loans as diligently or frequently as they should have, prompting tighter regulatory scrutiny and more stringent risk management practices,” says Rod Foster, president and CEO. “We offer financial institutions the only solution that supports the frequency and the depth of analysis that uncovers their true level of risk exposure. This funding will help increase resources to extend our solution to the U.S market, while continuing to meet the needs of the innovative Canadian banks that help us establish industry best practices.”

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