Data security company delivers groundbreaking privacy-preserving capabilities to enable critical business functions
Enveil, a pioneering data security company protecting Data in Use, announced that it has secured $10 million in Series A funding. The round was led by C5 Capital with contributions from key partners including Mastercard, Capital One Ventures, Bloomberg Beta, and 1843 Capital. Enveil will leverage the funding to globally advance the business-enabling capabilities of its ZeroReveal product line for performing secure search, analytics, sharing, and collaboration of sensitive data assets. This round builds on the more than $5 million of strategic funding the company has raised from investors such as DataTribe, In-Q-Tel, Cyber Mentor Fund, and Refinitiv since its formation in September 2016.
Powered by homomorphic encryption, Enveil protects data while it’s being used or processed – the ‘holy grail’ of data encryption. Organizations can securely search, cross-match, and derive insights from third-party data sources without ever revealing the contents of the search or compromising the security or ownership of the underlying data. As the only NIAP Common Criteria and CSfC-certified Data in Use security company, Enveil delivers nation-state level protection to the global marketplace, allowing users to securely operate on data in the cloud, on prem, or anywhere in between.
Recommended AI News: AiThority Interview with Michael Badichi, Co-founder and CTO at Anzu.io
“Over the past three years, we’ve successfully created a market, solidified customer use cases, executed enterprise deployments, and expanded our capabilities for protecting Data in Use where it is and as it is today,” said Ellison Anne Williams, Founder and CEO of Enveil. “We are privileged to be joined by this strong team of investors who recognize both our leading technical capabilities and the converging, cross-functional data protection requirements in this category – ZeroReveal® is here to address privacy challenges on a global scale.”
ZeroReveal® facilitates secure data collaboration to enable intelligence-led decision making while ensuring compliance. Enveil’s market-ready capabilities deploy above the data, requiring no changes to existing database and storage technologies. ZeroReveal® enables Trusted Compute in Untrusted Locations™ whether an organization is seeking information from a third-party data provider, supporting a secure, decentralized framework of network collaborators, or driving revenue by securely monetizing data assets.
“Enveil is stepping up to solve a fundamental security challenge: preserving privacy while ensuring that data remains usable,” said Zulfe Ali, Managing Partner at C5 Capital. “By empowering organizations to secure data throughout its lifecycle, Enveil’s contributions go beyond adding business value and ensuring compliance – we believe the company’s innovative use of Privacy Enhancing Technologies will positively impact enterprise and consumer privacy and security across verticals.”
Recommended AI News: AiThority Interview with Taejin In, VP of Product Management at dstillery
In today’s accelerating regulatory environment, there is particularly strong demand for these secure data collaboration capabilities in the financial services sector where secure intra- and inter-bank collaboration can aid in the discovery of financial crime and fraud. Enveil’s success at the 2019 Financial Conduct Authority TechSprint validates the strength of its solution to uniquely address this use case.
“In our ever-expanding digital world, exponential amounts of data are being produced, which can help companies innovate and provide better products and services to consumers. In doing so, companies have a responsibility to individuals, to one another, and to society as a whole to be good stewards of the data they manage and use for those consumers,” said Jorn Lambert, Executive Vice President, Digital Solutions at Mastercard. “We look forward to partnering with Enveil to explore solutions that advance these standards to enable critical business functions.”
Recommended AI News: AiThority.com Primer on What is RegTech: Definitions, Stats and Tools