NYC Dev Tool Startup Evervault Raises $25M
Evervault, a developer-first data encryption company with a presence in NYC and Dublin, has raised a $25M Series B. The company's platform automates end-to-end encryption for sensitive payment data, turning a complex infrastructure problem into a high-value SaaS product.
The latest funding round for Evervault was led by Ribbit Capital, with participation from notable VCs including Index Ventures, Sequoia Capital, and Kleiner Perkins. This brings the company's total funding to $46 million, which will be used to expand its encryption infrastructure and grow its engineering and product teams. Evervault is actively hiring for several roles in its New York office, including positions in sales and engineering. Evervault's founder, Shane Curran, started the company in 2019 after winning the BT Young Scientist and Technology Exhibition at 16 with a project on quantum-secure data storage. He dropped out of university after just three days to focus on Evervault full-time, raising a $3.2 million seed round from investors like Sequoia Capital and Kleiner Perkins while still a teenager. The NYC startup scene is a fertile ground for developer-focused companies. Alongside Evervault, the city is home to a growing number of developer tool startups that have attracted Y Combinator funding, such as Fern, which builds open-source tools for creating SDKs and API documentation, and Parea AI, a platform for debugging and monitoring LLM applications. For engineers interested in vertical SaaS, New York hosts over 2,000 companies in this sector, collectively raising $29.6B in venture capital. This includes companies like Playground, which provides a management platform for the childcare industry, demonstrating the wide range of industries being targeted by SaaS solutions in the city. The AI sector in NYC is also experiencing significant growth, with local AI companies raising approximately $1.5 billion in the first quarter of 2025. This surge in investment is creating opportunities at companies like Rogo, an enterprise AI platform for finance, and Sixfold AI, which is automating underwriting in the insurance industry. The city's academic institutions are also bolstering its position as an AI hub, with Cornell Tech having spun out over 100 startups. For those looking to build on the side, a community of indie hackers and bootstrappers is active in NYC. Meetups like Hackayork provide a space for developers to co-work on their projects, whether for fun or profit. This mirrors a broader trend of software engineers documenting their journeys of building startups while maintaining full-time jobs, sharing insights on everything from tech stacks to work-life balance.
