The funding will be used to expand Evervault’s encryption infrastructure, invest in product development, and grow its engineering and product teams.
Evervault, the data encryption startup founded by Irishman Shane Curran, has raised $25m in Series B funding.
The Series B 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 startup’s total funding to date to $46m.
Evervault builds infrastructure for developers to collect, process and share sensitive data.
The New York and Dublin-based company helps companies encrypt and organize sensitive data without managing it in a transparent manner.
“A lot of compliance agencies think that sensitive data is going to be in the dark somewhere, but with automated, high-speed data exchange, that’s a liability,” said Curran, who is also the company’s CEO. “At Evervault, we believe that sensitive data should be treated as dangerous. Systems should be designed to be untouchable in the first place.”
Evervault initially focused on the security of card payments with a solution that combines 3D-Secure encryption and authentication, network tokens and card data enrichment in a single integration, and effective payment card industry (PCI) compliance.
The company says that on average, its solution helps customers reduce PCI data security compliance costs by $100,000, achieve 95pc compliance faster and deploy secure payment systems “in days rather than weeks”.
Curran said that since Evervault’s inception, Evervault has processed more than $5bn in transaction volume and secured four-fold annual revenue growth.
“Our job is not just to pay,” Curran said in a blog post announcing the pay rise yesterday (March 5). “We are creating a layer of trust on the Internet: a global data clearinghouse for sensitive data. A place where companies can share, enrich and move information without holding it back. We are 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 startup.
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 secure, encrypted data storage solution with multi-location quorum sharing.
Two years later, Evervault received $3.2m in seed funding, before going on to raise $16m in Series A funding.
Curran previously spoke to Ann O’Dea of SiliconRepublic.com at the future Human pop-up event in 2020, where he discussed his experience as a young entrepreneur and an Irish entrepreneur in Silicon Valley.
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