Eagan Start-Up Seeks to Raise $19.8M
Eagan-based online risk management start-up CloudCover filed documents last week with the U.S. Securities and Exchange Commission (SEC) indicating that it's seeking to raise $19.8 million in equity financing.
The company, which didn't disclose its revenue in SEC documents, has developed a risk management solution that provides real-time data risk mitigation and liability protection for the transmission and storage of data.
John Riordan, director of investor relations at CloudCover, told Twin Cities Business that the $19.8 million being raised equates to a minority, not majority, stake in the company.
Riordan added that the company's protocol is “extremely sensitive” at this point in its development, and he would not go into any detail as to how the money will be used.
According to the company's Web site, its CloudCover Protocol is real-time data insurance that can help prevent financial scams and incidents of medical identity theft, which are on the rise, according to the company.
CloudCover was founded in 2008 by Stephen Cardot, who has 28 years of experience in marketing and design, with an emphasis on innovation and systems integration. According to the company's Web site, Cardot has been focused on methods to underwrite electronic data for well over a decade.