Evervault, a Dublin-based company founded by 20 year old Shane Curran, has raised £12.9m in Series A funding to develop ‘privacy cages’ that simplify data protection.
The company is building API functionality for data privacy, initially to sell the technology to financial services and healthcare sectors. The API functionality termed ‘privacy cages’, aims to empower developers to process highly sensitive data in a fundamentally new way which is said to be simple, scalable and privacy-preserving.
The Evervault technology is not publicly available, it is building the API for data privacy alongside specific companies which handle highly sensitive data.
The cages are described as containers that allow for fully encryted data to be processed, for example any sensitive data leaving a device is encrypted so that it can only be treated and processed in a “privacy cage.”
Shane Curran, founder and CEO said “There are now over 4.5 billion people connected to the internet, but the reality is that none of them have true data privacy. Simply put, if no one builds the data privacy infrastructure for the internet, data privacy will never exist. That’s why we’re building the API for data privacy — starting with the privacy cages functionality.”
Ari Helgason from Index Ventures who led the investment said “Today, data privacy is about trade offs. Users give up personal information in exchange for apps and services that make their life easier, and regulators create rules that restrict data sharing as they attempt to protect consumers. This risks stifling innovation. The genius of evervault is that it requires no trade-offs. Their tools allow developers to build the most innovative products without sacrificing privacy, or requiring regulation in the first place.”
With the new funding the company will expand its team and aim to enter the financial and healthcare markets.
