While Caavo Companion doesn't seem to do much, it does quite a bit behind the scenes to keep your Control Center working smoothly.
Caavo Companion is an app that runs in the background of your connected streaming devices. It connects with your Control Center unit over your network to allow for better integration with your apps and devices.
Pro Tip: If using AppleTV, you can use the Caavo Companion app to locate a lost Control Center remote. Just launch the app (with your AppleTV remote) and click the "Find My Remote" button. This will play a tune on your remote to help you find it when it ends up between the cushions or under the couch.