Data security company Evervault has raised $25 million in a funding round that will help the company invest in research and development, expand its end-to-end encryption platform and add to its engineering team.
The company, which was founded by former BT Young Scientist award-winner Shane Curran, has been focused on building a platform for data privacy that encrypts sensitive data. Evervault’s platform has gained ground in the card payments sector, with hundreds of global customers that include CarTrawler, Ramp and Rippling.
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It has processed over $5 billion in transaction volume in the past year, generating more than 100 million encrypted tokens each month.
The platform has more than 7,000 integrations with banks and financial institutions, allowing customers to collect, process and route card data without bringing the data into their own infrastructure.
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“Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data exchange, that’s a liability,” said Shane Curran, founder and CEO of Evervault.
“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.”
The company is positioning itself for further growth as the advent of generative AI and agentic workflows increase the amount of data and make it more difficult for companies to keep up with data protection.
The Series B funding round, which was led by Ribbit Capital, brings the total funding raised by the company to $46 million. There was also participation from Index Ventures, Sequoia Capital, Kleiner Perkins and Operator Partners.
“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,” said Justin Saslaw, general partner at Ribbit Capital.
“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.”
