Evervault Secures €21 Million Series B to Revolutionize Data Encryption in March 2026

Dublin and New York-based data encryption startup Evervault has raised €21 million (approximately $25 million) in a new Series B funding round, strengthening its position in the rapidly growing cybersecurity infrastructure market. The investment round, announced on March 5, 2026, was led by Ribbit Capital, with participation from prominent venture capital firms Index Ventures, Sequoia Capital, Kleiner Perkins, and Operator Partners.

The latest funding brings Evervault’s total capital raised to approximately $46 million (€39 million), marking a significant milestone for the company as it scales its encryption infrastructure globally. Founded by Shane Curran, Evervault is building a developer-focused platform designed to keep sensitive data encrypted throughout its lifecycle even during processing eliminating vulnerabilities traditionally present in modern software systems.

With global data volumes expected to surge beyond 527 zettabytes by 2029, businesses are under increasing pressure to safeguard sensitive information such as financial data, personal identities, and payment credentials. Evervault’s approach often described as “encryption-by-default” aims to fundamentally reshape how companies secure data in the digital economy.

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The Technology Behind Evervault’s Secure-by-Default Model

At its core, Evervault provides a developer platform that allows companies to encrypt sensitive information immediately when it is collected and maintain that encryption even during processing. Traditional systems typically decrypt data before processing it, exposing information to potential cyber threats.

Evervault’s architecture removes this vulnerability by enabling encrypted computation, ensuring that sensitive information is never exposed in plaintext. This model is particularly important for industries dealing with high-risk data such as fintech, healthcare, and digital identity platforms.

The company’s technology is already processing significant volumes of encrypted transactions, signaling rapid adoption among modern digital businesses.

Metric	Details
Founded	2020
Founder	Shane Curran
Headquarters	Dublin & New York
Series B Funding	€21 million (~$25 million)
Total Funding	~$46 million
Core Offering	Encryption infrastructure for developers

By embedding encryption directly into application infrastructure, Evervault aims to become what Curran describes as the “clearinghouse for sensitive data on the internet.”

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Rising Cyber Threats Fuel Demand for Encryption Platforms

Evervault’s latest funding reflects a broader surge in investment across the cybersecurity ecosystem. The rapid expansion of cloud computing, AI applications, and digital financial services has dramatically increased the amount of sensitive data stored and processed online.

Industry estimates suggest the global data encryption market will grow from $20.63 billion in 2025 to $23.71 billion in 2026, representing a compound annual growth rate (CAGR) of nearly 14.9%. This growth is driven by both regulatory pressure and the rising financial cost of data breaches.

In 2025 alone, the average cost of a data breach globally reached approximately $4.44 million, forcing companies to rethink their security architecture.

Market Indicator	Data
Global Data Encryption Market (2025)	$20.63 billion
Market Size (2026)	$23.71 billion
CAGR	14.9%
Average Data Breach Cost (2025)	$4.44 million
Global Cybersecurity Startup Funding (2025)	$13.97 billion

Regulatory frameworks such as GDPR, financial compliance rules, and emerging AI governance policies are also pushing companies toward stronger data protection mechanisms.

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Strategic Growth Plans and Product Expansion

The new funding will be used to accelerate Evervault’s product development and expand its engineering team as the company scales its encryption infrastructure globally.

A major focus area for the startup is helping companies simplify Payment Card Industry Data Security Standard (PCI DSS) compliance. By encrypting sensitive payment data from the moment it enters an application, Evervault can significantly reduce the compliance burden for businesses.

According to the company, its technology allows customers to reduce their PCI DSS compliance scope to the simplest level, cutting compliance costs by an average of $100,000 per year and achieving regulatory compliance up to 95% faster.

Business Metric	Details
Transactions Processed Annually	$5 billion+
Encrypted Tokens Generated Monthly	100 million
Average PCI Compliance Savings	~$100,000
Compliance Speed Improvement	95% faster
Expansion Focus	Infrastructure, engineering, global growth

The company also plans to enhance its encryption infrastructure to support emerging technologies such as AI-driven applications and distributed cloud environments.

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Strategic Implications for the Cybersecurity Industry

Evervault’s funding highlights a growing shift in the cybersecurity industry toward developer-first security infrastructure. Instead of treating security as an add-on, modern platforms are embedding protection directly into software architecture.

This approach is becoming increasingly important as companies deploy complex digital systems involving APIs, cloud computing, and AI models. Sensitive data often flows across multiple services, creating potential attack points.

By ensuring data remains encrypted at every stage, Evervault’s platform provides a more resilient model for protecting sensitive information.

For industries such as fintech, digital payments, and identity verification especially in rapidly digitizing economies like India encryption infrastructure platforms could become a critical layer of the digital economy.

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