Enveil, a privacy-enhancing technology company, announced it raised $25 million in Series B funding Wednesday. The round led by USAA was oversubscribed with additional investors including Mastercard, Capital One Ventures, C5 Capital, DataTribe, In-Q-Tel, Cyber Mentor Fund, Bloomberg Beta, GC&H and 1843 Capital. The Series B brings the Enveil’s total funding to more than $40 million to date.
Launched in 2016, Enveil helps organizations share and leverage data insights across departments and entities while keeping assets and networks secure. With Enveil’s Privacy Enhancing Technologies (PETs), organizations can extract insights, cross-match, search and analyze datasets without revealing sensitive information. In other words, Enveil allows users to get a look at data trends and insights while keeping the actual data itself under wraps. This expands data access without pooling resources in one vulnerable place or revealing sensitive information.
“Modern digital business requires crossing global data silos and the current barriers of trust are leaving massive unrealized data value,” Enveil founder and CEO Ellison Anne Williams said in a statement. “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.”
Enveil says its solution has never been more in demand. According to a Gartner analysis, half of all large organizations will use “privacy-enhancing computation techniques for processing data in untrusted environments and multiparty data analytics use cases” by the end of 2025. Gartner suggests organizations should start identifying candidates for PETs now rather than later. Enveil hopes to capitalize on this growing demand and use its new funds to expand its foothold in public and private sectors.
Based in Fulton, Enveil is currently hiring for eight positions across its sales, customer success and engineering teams.