Evervault, a developer-first platform focused on encrypting and orchestrating sensitive data, announced it has raised $25 million in Series B financing. The round was led by Ribbit Capital with participation from Index Ventures, Sequoia Capital, Kleiner Perkins, and Operator Partners, bringing the company’s total funding to $46 million.
Founded in 2019, Evervault builds infrastructure that enables developers to encrypt sensitive data at the point of entry and process it throughout applications without exposing it in plaintext. The company plans to use the new funding to expand its encryption infrastructure, accelerate product development, and grow its engineering and product teams.
The need for stronger data protection infrastructure is increasing rapidly as global data volumes continue to expand. The world’s data footprint is projected to surpass 527 zettabytes by 2029, with total data volumes doubling roughly every three years. At the same time, enterprises are struggling to understand where sensitive data resides, how it is used and who has access to it. The rise of generative AI and automated workflows has further accelerated data growth, intensifying challenges around data security and compliance.
Evervault’s platform is designed to address these issues by enabling developers to embed encryption directly into application architecture. This approach allows organizations to handle sensitive information without it appearing in plaintext within their systems.
The company has initially focused on card payments, one of the most highly regulated categories of sensitive data. Over the past year, Evervault reported more than four times year over year revenue growth and processed more than $5 billion in transaction volume, generating over 100 million encrypted tokens each month.
Through more than 7,000 integrations with banks and financial institutions, Evervault allows companies to collect, process and route card data without it touching their own infrastructure. The platform also simplifies Payment Card Industry Data Security Standard compliance by enabling businesses to create a unified payment orchestration layer through a single integration.
According to the company, customers using its platform typically reduce PCI DSS compliance costs by about $100 thousand, achieve compliance 95 percent faster and deploy secure payment systems in days rather than weeks.
Evervault aims to become a foundational infrastructure layer for managing sensitive data across industries, enabling companies to securely process regulated information while maintaining control of their payment and data systems.
KEY QUOTES
“Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data exchange, that’s a liability. At 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.”
Shane Curran, Founder And CEO Of Evervault
“The amount of sensitive data flowing through digital systems is exploding, and managing it safely has become one of the defining infrastructure challenges of this decade. This is a massive, global problem impacting nearly every industry. Evervault is building the core infrastructure that lets companies handle that data securely without it becoming an anchor on their business, turning what was previously a compliance burden into a fundamental foundation for faster innovation.”
Justin Saslaw, General Partner At Ribbit Capital
