The California-based security and privacy automation company closed the round on May 27, and will use the funds to expand its automated compliance capabilities with a patent-pending AI engine and grow its Canadian operations. (The Logic, BetaKit)
Talking point: Tugboat was founded in 2017 by Ray Kruck, who is a Creative Destruction Lab associate in Calgary and Vancouver. The company established a Canadian headquarters in Calgary a year later. Shawn Abbott, a partner at Inovia, said Tugboat’s technology will help small and medium businesses in the IT space scale up faster.