Evervault Raises $25M for Encryption Tech

The latest $25 million Series B funding round was led by Ribbit Capital, with participation from notable venture firms including Index Ventures, Sequoia Capital, and Kleiner Perkins. This injection brings Evervault's total capital raised to $46 million, earmarked for expanding its encryption infrastructure and growing its engineering and product teams. Founded in 2019 by Shane Curran, who won the BT Young Scientist & Technology Exhibition in 2017 for a quantum-secure encryption project, Evervault is headquartered in Dublin. Curran's vision is to build the "internet's trust layer" by treating sensitive data like hazardous material, ensuring it's never handled in its raw, unencrypted form. Evervault's core technology utilizes a "dual custody" model, a departure from traditional tokenization vaults. In this system, the client stores the encrypted data while Evervault manages the encryption keys, meaning a breach would require compromising both the client's and Evervault's systems to access plaintext data. The company has initially focused on the highly regulated and complex area of card payments. In the past year, its systems have processed over $5 billion in transaction volume and generated more than 100 million encrypted tokens monthly, demonstrating significant traction with customers like Ramp, Rippling, and Uniswap. Technically, the platform uses tools like a relay proxy to secure network requests and isolated containers for processing sensitive workloads. All cryptographic operations occur within AWS Nitro Enclaves, which are hardened, isolated virtual machines designed for processing sensitive data securely. This funding arrives as the volume of digital data is exploding, a trend compounded by the rise of generative AI. Evervault aims to replace contractual trust with cryptographic guarantees, embedding encryption directly into application architecture by default.