Evervault - Comprehensive Analysis Report

Summary

Evervault, established in 2019 and based in Dublin, Ireland, is a data security company providing an encryption engine for the web. Its mission is to simplify data privacy and make it accessible for developers. Evervault transforms security and compliance infrastructure into a competitive advantage for companies. The company enables developers to prioritize security without disrupting existing workflows.

1. Strategic Focus & Objectives

Core Objectives

• Evervault aims to empower developers to easily solve data privacy issues through technology, rather than complex regulations.

• The company intends to reduce the number of plaintext data breaches to zero by enabling developers to encrypt everything, everywhere.

• The goal is to provide tools allowing developers to build innovative products without sacrificing privacy or requiring complex regulations.

Specialization Areas

• Specialization in offering data encryption solutions.

• Providing developer tools to deploy applications in hardware-hardened containers.

• Enabling developers to focus on building products without needing to worry about security.

Target Markets

• Targets developers needing to implement data privacy solutions.

• Focuses on companies seeking to maintain compliance with PCI DSS and other data protection regulations.

2. Financial Overview

Funding History

• Total funds raised: $19.6 million.

Funding Rounds:

• Seed Round: $3.2 million.

• Series A: $16.4 million, led by Index Ventures.

Key Investors:

• Index Ventures

• Sequoia Capital

• Kleiner Perkins

• Frontline Ventures

• Kevin Hartz (co-founder, Eventbrite)

• Dylan Field (CEO, Figma)

• Olivier Pomel (CEO, Datadog)

• Alex Stamos (former Chief Security Officer, Facebook)

Fund Utilization:

• Expansion of the team.

• Further development of the company's mission of data privacy for everyone.

3. Product Pipeline

Key Products/Services

Encryption Engine for the Web:

• Description: Makes it easy to process encrypted data.

• Development Stage: Available

• Target Market: Developers.

• Key Features: Allows users to encrypt data at the source, process it in a secure, serverless function ("Cage"), and never store it unencrypted.

4. Technology & Innovation

Technology Stack

• Core platforms and technologies include secure enclaves (built on AWS Nitro Enclaves), encryption proxies, and secure serverless functions for running logic on encrypted data.

• The platform features Data Policies, Audit Logging, and Alerting.

• It utilizes a dual-custody model.

Proprietary developments

• Secure Enclaves

• Encryption Proxies

• Secure Serverless Functions ("Cages")

Scientific methodologies

• Dual-custody encryption model

5. Leadership & Management

Executive Team

• Shane Curran: Founder and CEO

• H.P.: Head of Sales

• J.H.: Head of Compliance

• E.B.: Head of Engineering

• C.C.: Growth Lead

6. Competitive Analysis

Major Competitors

• Proton

• Dropbox

• Quantexa

• VGS Platform

• Privacy1

• Salesforce Shield

• IBM InfoSphere Optim Data Privacy

• Informatica Data Security Cloud

• Tumult Analytics

• Tonic.ai

• Kiprotect

• Satori

• Titaniam

• Immuta

• Moltin

• DriveNets

• Redgate Software

• CloudBees

• Clarip

7. Market Analysis

Market Overview

• Evervault operates in the data security and privacy market, which is experiencing increased demand for data privacy solutions.

• The market requires companies to maintain compliance with PCI DSS and other data protection regulations.

• Evervault's encryption-as-a-service model addresses the increasing need for developers to easily implement data privacy solutions.

8. Strategic Partnerships

• Prescient Security: Partnership to deliver PCI DSS v4 compliance solutions.

9. Operational Insights

• Evervault differentiates itself through its developer-centric approach.

• The company provides easy-to-use tools for data security and compliance.

• Its dual-custody model and secure enclaves enhance data protection.

• The company's focus on payments security provides a specific area of expertise.

10. Future Outlook

Strategic Roadmap

• The company aims to empower developers to solve data privacy challenges with technology.

• The roadmap includes expanding its team and continuing to develop its encryption infrastructure.

• Evervault intends to capitalize on the growing demand for data security and compliance solutions.