- Enveil recently announced it raised $25 million in Series B funding. These are the details.
Enveil – the pioneering Privacy Enhancing Technology company protecting Data in Use – announced that it has closed $25 million in Series B funding. The oversubscribed funding round was led by USAA with contributions from existing investors which include Mastercard, Capital One Ventures, C5 Capital, DataTribe, In-Q-Tel, Cyber Mentor Fund, Bloomberg Beta, GC&H, and 1843 Capital.
Building on over a 300% increase in revenue achieved since closing its Series A funding, Enveil is going to utilize the capital to expand sales, product development, and marketing activity to capitalize on the accelerating market need to span global data silos and enable secure and private data usage, sharing, collaboration, and monetization. And this brings the total amount raised by the category-defining startup to more than $40 million since its formation in 2016.
Enveil’s ZeroReveal solutions meet the challenge by changing the paradigm of how and where organizations can leverage data to unlock value. And by engineering trust through the power of Privacy Enhancing Technologies (PETs), Enveil enables organizations to extract insights, cross-match, search, and analyze data assets at scale without ever revealing the content of the search itself, compromising the security or ownership of the underlying data, or exposing their interests and intent. And the company’s decentralized approach allows data to be securely shared between entities and across organizational, jurisdictional, and security boundaries, expanding data access and utility without the need to move or pool sensitive assets. These business and mission-enabling capabilities allow data to be used in ways that were not previously possible.
At its core, Enveil ZeroReveal is a two-party software system that protects the content of the search, analytic, or machine learning model — and its corresponding results. And Enveil’s ZeroReveal Search and ZeroReveal Machine Learning solutions leverage breakthroughs in homomorphic encryption and secure multiparty computation (SMPC), both pillars of the PETs category. The Series B funding round will further solidify Enveil’s position as the market leader, drive engagement in both the commercial and government markets, and expand its ZeroReveal product line and customer support functions.
“Data is the backbone of the digital economy, but the market is experiencing a crisis of trust that restricts the ways in which data can be used. Enveil’s ZeroReveal solutions are changing the data usage landscape by enabling sensitive business and mission functions at scale today, and we’re excited to help push those efforts forward through this investment.”
– Nathan McKinley, VP of USAA Corporate Development
“Modern digital business requires crossing global data silos and the current barriers of trust are leaving massive unrealized data value. We leverage breakthroughs in Privacy Enhancing Technologies to bridge the gap and unlock the data value the market demands. We’re excited that this investment will accelerate our ability to take our proven capabilities to a broader range of industries, regions, and use cases.”
– Ellison Anne Williams, Founder and CEO of Enveil