Evervault's €21M Boost for Encrypted Data Solutions

Trends and Impact: 🌐 Evervault, a New York and Dublin-based platform, is revolutionizing how businesses handle sensitive data through encryption and orchestration. The company recently secured $25 million in Series B funding, led by Ribbit Capital and supported by Sequoia Capital and Index Ventures. This investment highlights a growing trend in encryption and digital trust infrastructure, with startups across Europe receiving substantial funding to enhance data security. According to Shane Curran, founder and CEO of Evervault, "Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data, that's a liability." As more data is generated globally, with predictions of 527 zettabytes by 2029, companies face increasing challenges in managing and securing this information. Practical Steps: 🛠️ Evervault offers a practical solution by enabling companies to encrypt sensitive data without ever handling it in plaintext. Their card payments solution integrates encryption with 3D-Secure authentication, network tokens, and card data enrichment. By streamlining Payment Card Industry (PCI) compliance, businesses can build a secure payment orchestration layer. This innovation allows companies to cut PCI DSS compliance costs by $100k on average and achieve compliance 95% faster. As Justin Saslaw of Ribbit Capital notes, "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 technology transforms compliance burdens into a foundation for innovation. Competitive Advantages: 🏆 Evervault's technology positions it as a leader in encrypted data orchestration. With over 7,000 integrations with banks and financial institutions, it provides a seamless process for managing card data securely. The company's focus on card payments—a highly regulated area—demonstrates its commitment to tackling complex data categories. Over the past year, Evervault has achieved four times year-over-year revenue growth, processing over $5 billion in transaction volume. By embedding encryption directly into application architecture, Evervault ensures data remains encrypted by default, enhancing digital trust. As Shane Curran states, "At Evervault, we believe sensitive data should be treated like hazardous material." This philosophy underscores their mission to build the Internet's trust layer, making data protection a core component of business operations.