Data Encryption Platform Evervault Raises $25M
Evervault, a developer-first platform for end-to-end data encryption, has secured a $25M Series B. The round was led by Ribbit Capital with participation from Index, Sequoia, and Kleiner Perkins, showing strong investor backing for tools that enable 'privacy by design' in sensitive sectors like fintech and healthtech.
This new $25M brings Evervault's total funding to $46M. The Dublin-based company's journey began with a $3.2M seed round in October 2019, notable as one of Sequoia Capital's first seed investments outside the US, followed by a $16M Series A led by Index Ventures in May 2020. The company was founded by Shane Curran, who won Ireland's top young scientist award in 2017 at age sixteen for a project on quantum-secure data storage. Curran, named to Forbes' 30 Under 30 in 2018, founded Evervault in 2019 after dropping out of a business and law degree to focus on the company full-time. Evervault's core offering is an API that allows developers to encrypt sensitive data without it ever touching a company's servers in plaintext, a model they call "privacy cages." This approach is designed to drastically simplify compliance with standards like PCI DSS for card payments, with the company claiming it can cut associated costs by an average of $100,000 and accelerate compliance by 95%. The company has processed over $5 billion in transaction volume and has seen its revenue grow more than fourfold year-over-year. Its business model is usage-based, similar to companies like Stripe and Twilio, designed to scale as its customers grow. Lead investor Ribbit Capital specializes in fintech, with a portfolio that includes major names like Robinhood, Credit Karma, and Chime. Their investment signals a strong belief in Evervault's application of deep security infrastructure to financial technology challenges. Curran's stated mission for Evervault is to "encrypt the web," positioning the company as a fundamental trust layer for the internet. The fresh capital is earmarked for expanding its encryption infrastructure and growing the engineering and product teams to move beyond payments into a global clearinghouse for all types of sensitive data.
