Evervault Secures €21 Million to Revolutionize Encrypted Data Management

Evervault Raises $25 Million in Series B Funding to Expand Encryption Infrastructure

Evervault, a developer-first platform based in New York and Dublin, has announced a successful €21 million ($25 million) Series B financing round. The funding will be used to enhance its encryption infrastructure, invest in product development, and expand its engineering and product teams.

The round was led by Ribbit Capital, with participation from Sequoia Capital and Index Ventures, bringing Evervault’s total funding to €39 million ($46 million).

Shane Curran, the founder and CEO of Evervault, emphasized the importance of securing sensitive data in today’s high-velocity data environment. He stated, “Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data, that’s a liability.”

Evervault’s Series B funding comes at a time of increased investment in encryption, digital trust, and security infrastructure startups across Europe. Other companies in the encryption space, such as Zama and Evertrust in Paris, and Quantum Industries in Austria, have also recently secured significant funding.

Evervault’s mission is to treat sensitive data like hazardous material, embedding encryption directly into the application architecture to ensure it stays encrypted by default. The company enables companies to encrypt and orchestrate sensitive data without ever handling it in plaintext.

With a focus on card payments, Evervault has gained traction in the industry and serves global customers, including CarTrawler, Overwolf, Ramp, and Rippling.

Addressing the Growing Data Footprint

The world’s data footprint is rapidly expanding, with total global data volumes doubling every three years. Despite this growth, enterprises struggle to understand where sensitive data resides, how it is used, and who has access to it.

Evervault aims to become the Internet’s clearing house for sensitive data, starting with card payments. The company has reported significant revenue growth and transaction volume, processing over €4.2 billion ($5 billion) in transaction volume and generating over 100 million encrypted tokens each month.

Through integrations with banks and financial institutions, Evervault enables customers to collect, process, and route card data securely without it touching their infrastructure. This approach streamlines PCI compliance and reduces compliance costs for companies.

Building Core Infrastructure for Data Security

Justin Saslaw, general partner at Ribbit Capital, highlighted the importance of securely handling sensitive data in digital systems. He stated, “The amount of sensitive data flowing through digital systems is exploding, and every company now has to figure out how to handle it safely.”

Evervault’s core infrastructure is designed to securely move and process sensitive data, turning compliance burdens into a foundation for faster innovation. The company’s efforts address a global problem affecting various industries.