Irish Encryption Prodigy Shane Curran’s Evervault Raises $25M to Build the Trust Layer of the Internet

In a major validation of Ireland’s deep tech ecosystem, Dublin-born encryption visionary Shane Curran has led Evervault to secure a $25 million Series B funding round, catapulting the startup’s total capital raised to $46 million. The round was spearheaded by Ribbit Capital with participation from heavyweight investors Sequoia Capital, Index Ventures, Kleiner Perkins, Next Play Ventures, and new backers including Operator Partners.

Evervault, which operates from dual headquarters in New York and Dublin, is tackling one of the internet’s most persistent vulnerabilities: the insecure handling of sensitive data. The company has developed sophisticated developer infrastructure that enables organizations to collect, process, and share sensitive information without ever exposing it in plaintext form—a revolutionary approach that fundamentally reimagines data security architecture.

“Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data exchange, that’s a liability,” Curran explained. “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.”

The company’s initial focus has been on revolutionizing card payments security. Their solution ingeniously combines encryption with 3D-Secure authentication, network tokens, and card data enrichment through a single, streamlined integration. This approach dramatically simplifies payment card industry (PCI) compliance, which traditionally requires extensive infrastructure and costly certifications.

According to Evervault’s data, their platform helps customers reduce PCI compliance costs by an average of $100,000 while achieving compliance 95% faster than traditional methods. Companies can deploy secure payment systems “in days rather than weeks,” a timeline that represents a quantum leap in operational efficiency for financial technology implementations.

Since its founding, Evervault has processed over $5 billion in transaction volume and achieved more than fourfold year-over-year revenue growth—metrics that underscore both the market demand for their solution and the effectiveness of their technology. The company’s success in payments has positioned it as a trusted partner for businesses seeking to modernize their data security infrastructure while reducing compliance burdens.

However, Curran’s vision extends far beyond payment processing. “Our mission isn’t just about payments,” he wrote in a blog post announcing the funding. “We’re building the trust layer for the internet: a global clearinghouse for sensitive data. A place where companies can share, enrich and route information without taking custody of it. We’re replacing contractual trust with cryptographic guarantees.”

This ambitious goal positions Evervault at the forefront of a fundamental shift in how the internet handles sensitive information. Rather than relying on trust agreements and compliance frameworks that assume data will be exposed at various points in a system, Evervault’s approach uses cryptographic techniques to ensure data remains encrypted throughout its entire lifecycle—from collection through processing to sharing.

The new funding will fuel multiple strategic initiatives. Evervault plans to expand its encryption infrastructure to support larger volumes and more diverse data types, invest heavily in product development to broaden its capabilities beyond payments, and grow its engineering and product teams to accelerate innovation. The company is positioning itself to become the default infrastructure for secure data handling across industries.

Curran’s journey to this point is remarkable even by Silicon Valley standards. The roots of Evervault trace back to the 2017 BT Young Scientist & Technology Exhibition, where the then-teenage Curran won the top prize for qCrypt, a quantum-secure encrypted data storage solution featuring multi-jurisdictional quorum sharing. This early recognition of his talent foreshadowed the groundbreaking work he would later pursue professionally.

Following the seed funding success that brought $3.2 million into the company in its early days, Evervault raised $16 million in Series A funding, demonstrating consistent investor confidence in Curran’s vision. The company was founded in Dublin in 2019, establishing itself at the intersection of Ireland’s growing tech ecosystem and the global demand for advanced security solutions.

Curran has become a prominent voice in the Irish tech community, speaking at events like Silicon Republic’s Future Human pop-up in 2020 about his experiences as a young entrepreneur and the strength of the Irish business contingent in Silicon Valley. His success story has inspired other young Irish innovators to pursue ambitious technical challenges.

The timing of Evervault’s growth aligns with increasing global awareness of data privacy issues and the rising costs of data breaches. As regulations like GDPR in Europe and various state-level privacy laws in the US create new compliance requirements, Evervault’s technology offers a compelling value proposition: enhanced security combined with simplified compliance.

By treating sensitive data as “hazardous material” that should never be handled in plaintext, Evervault is pioneering an approach that could become the new standard for data security. Their infrastructure effectively creates a secure conduit through which data can flow and be processed without ever being exposed to potential compromise.

The participation of investors like Sequoia Capital and Kleiner Perkins—firms known for backing category-defining companies—suggests that the investment community sees Evervault as potentially transformative. Ribbit Capital’s leadership of the round is particularly noteworthy given their focus on fintech and financial infrastructure investments.

As Evervault executes on its vision to build “the trust layer for the internet,” the company faces both enormous opportunity and significant challenges. Scaling encryption infrastructure to handle global data flows while maintaining security and performance represents a complex engineering challenge. However, with $46 million in total funding and a clear technological advantage, Evervault appears well-positioned to address these challenges.

The $25 million Series B funding represents more than just capital; it’s a statement of confidence in a vision where cryptographic guarantees replace contractual trust, where sensitive data flows securely without ever being exposed, and where compliance becomes a byproduct of sound architecture rather than a costly overlay. If Evervault succeeds in its mission, it could fundamentally reshape how the internet handles the most sensitive information, creating a more secure digital ecosystem for businesses and consumers alike.

Shane Curran’s journey from teenage science competition winner to leader of a well-funded encryption infrastructure company exemplifies the potential of technical innovation to solve pressing global challenges. As Evervault continues to grow and evolve, the tech world will be watching closely to see if this Irish startup can indeed build the trust layer that the internet so desperately needs.

tags

Evervault #ShaneCurran #Encryption #DataSecurity #SeriesB #RibbitCapital #SequoiaCapital #IrishTech #Fintech #PCICompliance #DataPrivacy #SiliconRepublic #StartupFunding #QuantumEncryption #TrustLayer #DigitalInfrastructure

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Shane Curran started coding encryption at 16 and now runs a $46M funded company that big VCs are betting on
Evervault processes $5B in transactions without ever touching your data in plaintext—that’s next-level security
The Irish prodigy who won BT Young Scientist now has Silicon Valley’s top investors fighting for a piece
Evervault replaces trust with math—cryptographic guarantees instead of compliance checkboxes
$100K saved on PCI compliance and 95% faster certification? That’s the Evervault difference
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Evervault’s mission: build the trust layer for the internet, one encrypted transaction at a time
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Evervault treats sensitive data like hazardous material—never touched, always protected
The company that processes billions without seeing the data? That’s Evervault’s revolutionary approach
From quantum encryption projects at 16 to $25M Series B at 25, Shane Curran is just getting started
Evervault’s encryption infrastructure could become the default for how the internet handles sensitive data
Irish deep tech making global waves—Evervault proves Dublin can compete with Silicon Valley
The future of data security isn’t compliance—it’s architecture that never exposes sensitive information
Evervault’s growth: 4x year-over-year revenue while processing billions in transactions securely

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