Evervault Raises $25m in Series B Round to Expand Encryption Tech

In a significant move to enhance its encryption capabilities, Evervault has secured $25 million (€21.5 million) in funding from prominent US venture capital firms. This substantial investment will help the Dublin-based company further expand its infrastructure, develop new products, and bolster its engineering team. With this Series B round, Evervault now boasts a total of $46 million (€39.6 million) in cumulative funding, solidifying its position as a leader in encryption technology.

Founded by Shane Curran, the company has gained recognition for its innovative approach to data protection. As a former BT Young Scientist winner, Curran's expertise has been instrumental in shaping Evervault's encryption solutions. The company aims to simplify encryption and data security, making it more accessible to businesses of all sizes.

Evervault's core function is to make sensitive information, such as credit card numbers, invisible through encryption during online interactions. This makes transactions harder to hack or corrupt. With over 7,000 integrations with banks and financial institutions, the company has established a vast network of partnerships. Its products are used by prominent customers like CarTrawler, Ramp, and Rippling.

"Most compliance frameworks assume sensitive data will exist in plaintext somewhere," said Curran, founder and CEO of Evervault. "We believe sensitive data should be treated like hazardous material. Systems must be designed so it isn't touched in the first place. We're building the Internet's trust layer, embedding encryption directly into the application architecture so it stays encrypted by default, not by policy alone."

The company's goal is to become "the Internet's clearinghouse for sensitive data," focusing particularly on card payments. In the past year, Evervault has achieved remarkable growth, with revenue increasing four times a year-over-year and processing over $5 billion in transaction volume.

"The world's data footprint is on track to reach more than 527 zettabytes by 2029, with total global data volumes doubling roughly every three years. Yet enterprises still struggle to understand where sensitive data lives, how it is being used, and who has access to it," Curran added. "Generative AI and agentic workflows have further compounded this growth, making it even more difficult for organisations to keep pace with data protection and compliance."

With the latest funding round, Evervault plans to expand its encryption infrastructure, invest in product development, and grow its engineering team. The company is well-positioned to address the growing demand for robust cybersecurity solutions.

In conclusion, Evervault's significant investment in Series B will help the company further enhance its encryption technology and bolster its position as a leader in the market. As the world grapples with increasing data security threats, companies like Evervault are crucial in developing innovative solutions to protect sensitive information.