Data Security Firm Evervault Secures $25 Million in Series B Funding Round

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Data Security Company Secures $25 Million in Series B Funding

A data security company has secured $25 million in Series B funding to expand its infrastructure and team. The financing round was led by Ribbit Capital, with participation from Index Ventures, Sequoia Capital, Kleiner Perkins, and Operator Partners. This latest investment brings the company’s total funding to $46 million.

Platform Overview

The company, founded in 2019, provides a platform that enables organizations to encrypt and manage sensitive data without accessing it in plaintext. The platform integrates encryption with various features, including authentication, token management, and data enrichment, particularly for handling card payments. It also includes tools such as a relay proxy for securing network requests and isolated containers for processing sensitive workloads.

Current Approach to Data Security

According to the company’s founder and CEO, the current approach to data security is flawed, as most compliance frameworks assume that sensitive data will exist in plaintext at some point. However, with the increasing velocity of data exchange, this approach is becoming a liability. The CEO believes that sensitive data should be treated like hazardous material and that systems should be designed to handle it securely from the outset.

Platform Solution

The company’s platform is designed to address this issue by embedding encryption directly into the application architecture, ensuring that sensitive data remains encrypted by default. This approach is intended to provide a more secure way of handling sensitive data, reducing the risk of data breaches and cyber attacks.

Use of Funding

The funding will be used to support product development, engineering, and product team growth, as well as the expansion of the company’s encryption system. With this investment, the company is well-positioned to continue innovating in the field of data security and providing organizations with the tools they need to protect their sensitive data.

Importance of Data Security

The company’s founder and CEO emphasized the importance of treating sensitive data with the same level of caution as hazardous material, stating that systems must be designed to handle it securely from the outset. By taking this approach, organizations can reduce the risk of data breaches and cyber attacks, and ensure that their sensitive data remains protected.