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Young Scientist winner lands $16m funding for his security startup

 

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Evervault’s Shane Curran

Evervault’s Shane Curran

Evervault’s Shane Curran

A 20-year-old former BT Young Scientist winner has landed $16m (€14.6m) in new funding from some of Silicon Valley's most prestigious US venture capital firms.

Dubliner Shane Curran closed the Series A investment round for his data privacy startup, Evervault.

The former data security chief for Yahoo and Facebook, Alex Stamos, has come on as a new investor, as have Eventbrite CEO Kevin Hartz and the chief of French firm Datadog', Olivier Pomel.

The heavy-hitting Silicon Valley firms backing the venture are led by Index Ventures with participation from Sequoia Capital and Kleiner Perkins and assistance from Dublin-based venture firm Frontline

7 years ago, Sequioa invested in the payments firm created by another former Young Scientist winner - Patrick Collison and his brother John. Stripe has gone on to become one of the world's most valuable private companies, valued at $35bn.

Evervault has now raised $19m in the last year.

Evervault hosts a network of hardware-secured data processing 'enclaves' which allows developers to deploy their applications in privacy 'cages'. These cages allow information to be processed securely with strictly controlled access but without changing the way that developers build their software.

Developers integrate with the Evervault API through their publicly available developer software development kits for all major architectures and frameworks.

"We're aiming to distil what GDPR did in 99 Articles down to a line of code," said Mr Curran. "This is conceptually simple, but operationally complex. We're building cages alongside specific companies which handle extremely sensitive data. Think location data, banking data, payments data, kids' data, health data and more. At Evervault, we believe that data privacy isn't a regulatory problem; it's a technology problem."

But he said that the "glamour" of funding launches were overrated.

"I've always been of the view that funding announcements are a complete distraction," he said. "We are under no illusions about our progress. All we should be judged on is the execution of our grand plan, which is to build privacy cages, the most secure computation units for safely processing sensitive data."

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