- Evervault, founded by Shane Curran, secures $25m in Series B funding.
- Led by Ribbit Capital, the funding round increases total investment to $46m.
- Focused on enhancing data encryption infrastructure to streamline payment security.
- Curran emphasizes the need for a ‘trust layer’ for the internet, moving beyond plaintext handling.
Evervault, a promising data encryption start-up founded by Dublin native Shane Curran, has successfully raised $25 million in a Series B funding round. This new round, which was led by Ribbit Capital, brings the company’s total funding to $46 million, showcasing significant investor confidence in its vision and products. Other participants in this round include notable firms such as Sequoia Capital, Index Ventures, and Kleiner Perkins.
The capital raised will be pivotal for Evervault as it aims to expand its encryption infrastructure, enhance product offerings, and increase its engineering and product development teams. Since its inception in 2019, the company has made substantial strides in creating developer infrastructure that allows businesses to securely collect, process, and share sensitive data without exposing it in plaintext, mitigating substantial data security liabilities.
Curran articulated a critical perspective on traditional compliance frameworks, stating, “Most compliance frameworks assume sensitive data will exist in plaintext somewhere… that’s a liability.” His approach insists that sensitive information should be treated with the same caution as hazardous materials: by minimizing exposure to the data itself.
Evervault’s initial focus has been on card payment security. It combines advanced encryption methods with 3D-Secure authentication and network tokens, thereby streamlining the complex landscape of Payment Card Industry (PCI) compliance. The start-up asserts that its services can reduce compliance costs by as much as $100,000 and significantly accelerate the compliance timeline. The impressive statistic reveals that customers can achieve PCI compliance 95% faster and integrate secure payment systems in mere days.
Having processed over $5 billion in transaction volume and witnessing a four-fold year-over-year revenue growth, Evervault is well-positioned to capture a larger share of the market. Curran’s larger vision goes beyond payments; he envisions establishing a “trust layer” for the internet—a secure environment where companies can share, enrich, and route sensitive information without direct custody.
The story of Evervault began in 2017 when Curran won the top prize at the BT Young Scientist & Technology Exhibition for his project qCrypt, a quantum-secure, encrypted data storage solution. His entrepreneurial journey rapidly gained momentum in 2019 with a seed funding round of $3.2 million, followed by $16 million in Series A funding.
As cybersecurity threats continue to evolve and become more sophisticated, the necessity for companies to adopt robust encryption practices is becoming increasingly apparent. In a landscape where data breaches can have profound consequences, Evervault’s innovations could very well pave the way for a safer digital environment.
Interestingly, the global cybersecurity market is predicted to surpass $300 billion by 2024, underscoring the increasing importance of data security solutions like those offered by Evervault. The firm is positioned not just as a player in the market, but as a thought leader ushering in a new era of data handling practices.
