The funding will be used to expand Evervault’s encryption infrastructure, invest in product development, and grow its engineering and product teams.
Evervault, a data encryption start-up founded by Irishman Shane Curran, has raised $25m in Series B funding.
The round was led by Ribbit Capital, with participation from Sequoia Capital, Index Ventures, Kleiner Perkins, Next Play Ventures and new investors including Operator Partners. The new round brings the start-up’s total funding to date to $46m.
Evervault builds developer infrastructure to collect, process and share sensitive data.
The New York and Dublin-based company helps businesses to encrypt and orchestrate sensitive data without ever handling it in plaintext.
“Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data exchange, that’s a liability,” said Curran, who is also CEO of the company.
“At Evervault, we believe sensitive data should be treated like hazardous material. Systems must be designed so it isn’t touched in the first place.”
Evervault has initially focused on card payments security with a solution that combines encryption with 3D-Secure authentication, network tokens and card data enrichment in a single integration, along with streamlining payment card industry (PCI) compliance.
The company claimed that on average, its solution helps customers cut PCI data security standard compliance costs by $100,000, achieve compliance 95pc faster and ship secure payment systems “in days rather than weeks”.
The start-up said that since its establishment, it has processed more than $5bn in transaction volume and secured more than four times year-over-year revenue growth.
“Our mission isn’t just about payments,” said Curran in a blogpost announcing the raise yesterday (5 March). “We’re building the trust layer for the internet: a global clearinghouse for sensitive data. A place where companies can share, enrich and route information without taking custody of it. We’re replacing contractual trust with cryptographic guarantees.”
The new funding will be used to expand Evervault’s encryption infrastructure, invest in product development, and grow its engineering and product teams, according to the start-up.
Founded in Dublin in 2019, Evervault’s roots can be traced back to the 2017 BT Young Scientist & Technology Exhibition where Curran took home the top prize for his project qCrypt, which was a quantum-secure, encrypted data storage solution with multi-jurisdictional quorum sharing.
Two years later, Evervault secured $3.2m in seed funding, before going on to raise $16m in Series A funding.
Curran previously spoke to SiliconRepublic.com’s Ann O’Dea at a Future Human pop-up event in 2020, where he discussed his experience as a young entrepreneur and the Irish business contingent in Silicon Valley.
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