Enveil has raised $25 million in a round of Series B financing led by USAA and will use the capital in the development, sales and marketing of a privacy-enhancing technology designed for government and commercial applications.
Existing investors that participated in the funding round include Bloomberg Beta, Mastercard, C5 Capital, Capital One Ventures, Cyber Mentor Fund, DataTribe, GC&H, In-Q-Tel and 1843 Capital, Enveil said.
Enveil will also use the funding to expand its client support functions and ZeroReveal product line.
ZeroReveal works to protect data while being processed or used. The two-party software platform enables users to extract insights, analyze and search data assets without compromising the ownership and security of the data or disclosing the content of the search itself.
“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,” said Ellison Anne Williams, founder and CEO of Enveil.
The latest round brings to over $40 million the total amount that Enveil raised since its establishment in 2016.