Evervault has closed a $25 million Series B round to expand the infrastructure it uses to encrypt sensitive data across digital systems, especially as artificial intelligence (AI) continues to evolve.
The round was led by Ribbit Capital, with participation from Index Ventures, Sequoia Capital, Kleiner Perkins, Next Play Ventures, and Operator Partners. The raise brings the Ireland-based startup’s total funding to $46 million since it was founded in 2019.
What Evervault Does
Evervault’s platform encrypts sensitive data at the exact moment it enters a system, then keeps it encrypted throughout every step of processing, sharing, and storage. The data never exists in plaintext within a company’s own infrastructure, as the company believes plaintext data to be “hazmat.”
“Every regulation, every audit, every security review assumes that plaintext is inevitable – that card numbers, medical records and personal identifiers must pass through application code, logs, databases and third-party services. The industry has largely accepted this as the status quo,” Shane Curran, CEO and founder of Evervault said in a statement. “We don’t accept that.”
Instead, Evervault’s tools handle the encryption and decryption on the company’s behalf, using cryptographic operations that run exclusively inside Amazon Web Services Nitro Enclaves, which are isolated virtual machines designed to protect data during active processing.
So far, Evervault has focused most of its energy on card payments, one of the most heavily regulated data categories in financial services, and the results are notable. Over the past year, the company has accrued more than four times year-over-year revenue growth, processed over $5 billion in transaction volume, and generated more than 100 million encrypted tokens per month.
The platform now connects to more than 7,000 integrations with banks and financial institutions, allowing customers to collect, process, and route card data without that information ever touching their own servers.
Beyond handling the technical complexity, the platform also reduces the compliance burden for companies, as Evervault’s architecture means a company’s infrastructure never directly handles raw payment data.
How the $25M Will Be Used
The Series B capital will fund Evervault’s push beyond card payments toward what the company describes as the internet’s clearinghouse for sensitive data, a shared infrastructure layer where companies can exchange, enrich, and route sensitive information without ever taking direct custody of it. The company is also hiring across engineering and go-to-market functions from its offices in Dublin, London, and New York.
Card payments were a deliberate starting point. Curran has noted that payments represent one of the most regulated and operationally complex categories of sensitive data online, and that solving the problem there makes the case for extending the same infrastructure to banking data, health records, personally identifiable information, and API credentials.
Given that secure AI data pipelines, automated fraud detection, and regulated data sharing are becoming pressing concerns for enterprises globally, the market opportunity Evervault is targeting is expanding quickly. Whether the startup can scale beyond its current approach into securing data pipelines, especially in enterprise AI infrastructure, will determine just how far the company goes.
“We’re building the infrastructure so companies never have to handle sensitive data again,” was what Curren promised.
