Enveil announced that it has closed $25 million in Series B funding. The oversubscribed round was led by USAA with contributions from existing investors which include Mastercard, Capital One Ventures, C5 Capital, DataTribe, In-Q-Tel, Cyber Mentor Fund, Bloomberg Beta, GC&H, and 1843 Capital.
Building on an over 300% increase in revenue achieved since closing its Series A funding, Enveil will leverage the capital to expand sales, product development, and marketing activity to capitalize on the accelerating market need to span global data silos and enable secure and private data usage, sharing, collaboration, and monetization. This brings the total amount raised by the category-defining startup to more than $40 million since its formation in 2016.
Digital transformation, the rise of the digital economy, and the broad recognition of data as an asset have transformed global data usage requirements. Enveil’s ZeroReveal solutions meet the challenge by changing the paradigm of how and where organizations can leverage data to unlock value. Engineering trust through the power of Privacy Enhancing Technologies (PETs), Enveil enables organizations to extract insights, cross-match, search, and analyze data assets at scale without ever revealing the content of the search itself, compromising the security or ownership of the underlying data, or exposing their interests and intent.
The company’s decentralized approach allows data to be securely shared between entities and across organizational, jurisdictional, and security boundaries, expanding data access and utility without the need to move or pool sensitive assets. These business and mission-enabling capabilities allow data to be used in ways that were not previously possible.
“Modern digital business requires crossing global data silos and the current barriers of trust are leaving massive unrealized data value,” said Ellison Anne Williams, Founder and CEO of Enveil. “We leverage breakthroughs in Privacy Enhancing Technologies to bridge the gap and unlock the data value the market demands. We’re excited that this investment will accelerate our ability to take our proven capabilities to a broader range of industries, regions, and use cases.”
The need for these capabilities has never been greater: Gartner analysts predict that “by 2025, 60% of large organizations will use privacy-enhancing computation techniques to protect privacy in untrusted environments or for analytics purposes” (Gartner “Innovation Insight for Federated Machine Learning,” March 2022). Enveil is seeing the opportunity realized today through use cases within its existing customer base of global organizations in financial services, healthcare, and government. The Series B raise will allow Enveil to further capitalize on this market opportunity and expand its foothold in both the commercial and government sectors.
“Data is the backbone of the digital economy, but the market is experiencing a crisis of trust that restricts the ways in which data can be used,” said Nathan McKinley, VP of USAA Corporate Development. “Enveil’s ZeroReveal solutions are changing the data usage landscape by enabling sensitive business and mission functions at scale today, and we’re excited to help push those efforts forward through this investment.”
At its core, Enveil ZeroReveal is a two-party software system that protects the content of the search, analytic, or machine learning model — and its corresponding results. Enveil’s ZeroReveal Search and ZeroReveal Machine Learning solutions leverage breakthroughs in homomorphic encryption and secure multiparty computation (SMPC), both pillars of the PETs category.
The Series B raise will further solidify Enveil’s position as the market leader, drive engagement in both the commercial and government markets, and expand its ZeroReveal product line and customer support functions.