Evervault Secures $25M to Build Internet's Encrypted Data Layer

Jan de Vries · 2026-03-05

Evervault just landed a major vote of confidence. The developer-first platform for encrypting sensitive data announced a $25 million Series B funding round. That's serious fuel for their mission to expand encryption infrastructure and grow their teams in New York and Dublin. This round was led by Ribbit Capital, with big names like Sequoia Capital and Index Ventures joining in. It pushes Evervault's total funding to $46 million. That tells you investors are betting big on their vision for a more secure internet. ### Why This Funding Matters Now Founder and CEO Shane Curran put it bluntly. "Most compliance frameworks assume sensitive data will exist in plaintext somewhere," he says. "But with automated, high-velocity data, that's a liability." He's right. We're creating data at a mind-boggling pace, and traditional security models are struggling to keep up. Evervault's approach is different. They want to design systems where sensitive data is never handled in plaintext at all. ### A Wave of Security Investment Evervault's raise isn't happening in a vacuum. It's part of a significant wave of investment flowing into European encryption and digital trust startups. Think of it as a continent-wide push to rebuild the internet's foundation with privacy baked in. Just look at some of the other recent deals: - Zama in Paris raised $58 million for advanced encrypted computation. - Evertrust, also in Paris, secured $11.8 million for its certificate management platform. - Quantum Industries in Austria got $11.2 million for quantum-secure communications. That's over $87 million in total, just in the last year or so. It signals a clear shift. Investors see the urgent need for technologies that enable secure data processing from the ground up. ### The Evervault Philosophy: Treat Data Like Hazardous Material Shane Curran shared a powerful analogy that stuck with me. "At Evervault, we believe sensitive data should be treated like hazardous material," he adds. "Systems must be designed so it isn't touched in the first place." That's the core idea. Instead of building walls around plaintext data, they're embedding encryption directly into the application architecture. The goal? Data stays encrypted by default, not just because a policy says it should. Founded back in 2019, Evervault gives companies a way to encrypt and orchestrate sensitive data without ever seeing it in plaintext. It's like handling radioactive material with robotic arms—you get the job done without direct exposure. ### Finding Traction in a Critical Area They've wisely focused their initial efforts on card payments. It's one of the most regulated and complex data categories out there. And the traction speaks for itself. The company serves hundreds of global customers, including names like CarTrawler and Rippling. Over the past year, they've achieved more than 4x year-over-year revenue growth. Even more impressive? They've processed over $5 billion in transaction volume, generating more than 100 million encrypted tokens every single month. Through integrations with over 7,000 banks and financial institutions, their customers can collect, process, and route card data without it ever touching their own servers. That's a huge deal for simplifying PCI compliance and reducing risk. ### The Bigger Picture: A Data Tsunami Here's the context that makes all this so urgent. The world's data footprint is on track to smash 527 zettabytes by 2029. Let that sink in. Global data volumes are doubling roughly every three years. Yet, most enterprises are flying blind. They struggle to know where their sensitive data lives, how it's being used, or who has access to it. Generative AI and automated workflows are only making this problem worse, creating new data streams faster than security teams can map them. Evervault's ambition is to become the internet's clearing house for sensitive data. This $25 million round is a major step toward building that trusted layer. It's not just about securing payments anymore. It's about re-architecting how we handle all sensitive information in a hyper-connected, data-drenched world. The race to build a safer internet is on, and Evervault just got a powerful boost.