Enveil and the Challenge of Securing Data In Use

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When it comes to defending your data, Enveil’s speciality is helping prevent you from losing it while you’re using it. The company, which picked up $10 million in funding last month and made its Finovate debut at FinovateFall in 2017, enables businesses to securely perform analysis on encrypted data at scale.

“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,” company CEO and founder Ellison Anne Williams explained when the company’s Series A round was announced. She added that the funding will help the company market its ZeroReveal product suite on a “global scale” and, indeed, the company announced just a few days later that it was opening a new office in London.

Enveil VP of Sales Craig Trautman referred to the London opening as “an important first step toward expanding our footprint in the regions most directly affected by evolving global regulatory standards.”

Founded in 2016, Williams launched Enveil after years of working with institutions like the National Security Agency – where she was a Senior Researcher for more than ten years – and Johns Hopkins Applied Physics Lab. She has leveraged this experience – and advanced degrees in mathematics (algebraic combinatorics and set theoretic topology) and computer science (machine learning) – into building one of the more innovative companies in the secure data collaboration / privacy enhancing technologies industry.

In a commentary for Dark Reading last month, Williams explained how a focus on securing data itself is one of the best ways for companies to negotiate an ever-shifting regulatory environment. To avoid the “hamster wheel of compliance,” she argued, businesses should learn how to secure data rather than the “networks, applications, and endpoints” that data uses.

The biggest challenge with securing data is that one of its most critical states – the state of being used – is also the most challenging state to secure. Compared to data that is not being used – data either at rest or in transit – data in use, according to Williams, represents the “point of least resistance” for the latest generation of cybercriminals. This is in large part because many of the technologies to secure data in use have historically not been “practical enough for commercial use.”

And this is where Enveil comes in. By discovering a way to apply technologies like homomorphic encryption, that are effective defenses for data in use, in a commercial context, Enveil offers businesses in verticals ranging from financial services and supply chain finance to cloud security and healthcare a way to securely work with secure data without having to decrypt it.

Enveil’s flagship solution, its ZeroReveal Compute Fabric, is a two-party platform of a ZeroReveal Client application which resides within the enterprise, and the ZeroReveal Server application, which is located where the data is kept. Via standard APIs, the technology works alongside the business’s current protections to provide security during the data processing lifecycle. Within this solution, Enveil offers functionality to power searches of secure data (ZeroReveal Search), conduct analytic investigations on encrypted data (ZeroReveal Analytics), and support the use of secured enclaves like Intel’s SGX (ZeroReveal Enclave).

In addition to expanding geographically, Enveil is also looking to add to its team. The company is specifically looking to bring on engineering talent to support new products, as well as additional sales and marketing team members to help drive Enveil’s efforts overseas.

“Enveil is stepping up to solve a fundamental security challenge: preserve privacy while ensuring that data remains usable,” C5 Capital Managing Partner Zulfe Ali said. “By empowering organizations to secure data throughout its lifecycle, Enveil’s contributions go beyond adding business value and ensuring compliance.”

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

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How’s $7 billion for good karma? One of Finovate’s earliest alums Credit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.

Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.

If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.


With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.

The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.

And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.


Here’s a round up of recent news from our Finovate alumni.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands focus on growing early stage tech companies.

Finovate Alum Features and Profiles

eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.

Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

Finovate Alumni News

On Finovate.com

  • Finovate Global: Nigerian Fintechs Near $400m Week; Ant Financial Eyes License in Singapore
  • Tyro Payments Preps for IPO
  • FinovateMiddleEast Best of Show Winners Announced.

Around the web

  • CurrencyFair introduces cross-border collections solution for marketplaces; inks partnership with Chinese wholesale marketplace, Buy-World.
  • Enveil wins $1 million contract from the Air Force Life Cycle Management Center (AFLCMC) to improve supply chain security.
  • MoneyHub, Salt Edge, Direct ID, and Plaid earn finalist spots in the Financial Data & Technology Association (FDATA) Awards 2019.
  • Chatbots.Studio to provide chatbot templates for Colvir Software Solutions end clients.
  • doxo expands doxoINSIGHTS to 900 cities.
  • Plaid makes inroads into France, Spain, and Ireland.
  • myGini named to the Benzinga Global Fintech Listmakers and recognized as a Best Payments App.
  • BodesWell joins FinMason’s FinSpring accelerator program

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • ID R&D Unveils Passive Facial Liveness Detection.
  • Finovate Global: Brazil’s NuBank Scores $400M; Poland Launches $737M Co-Investment Project.

Around the web

  • On Deck earns spot in Selling Power’s 50 Best Companies to Sell for in 2019 roster.
  • Mambu named a “Challenger” in Gartner’s 2019 Magic Quadrant for Global Retail Core Banking.
  • Data-in-use security specialist Enveil is honored at the FCA Global AML and Financial Crime TechSprints showcase.
  • The IDCo. makes the finalist list in the Affordability Assessment Solutions category of the Credit & Collections Technology Awards.
  • NuData Security wins Gold and Silver in the 14th Annual 2019 IT World Award in CIO of the Year, Company of the Year, and Women in Technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

Around the web

  • Enveil launches its enhanced ZeroReveal 2.0 data-in-use security solution.
  • Boku integrates with digital payments solution Grab in order to expand payment options in Southeast Asia.
  • Equifax Canada announces partnership with SecureKey Technologies.
  • Artivest taps Paul Nobile as its new Chief Marketing Officer.
  • Lattice80 interviews Ashish Gadnis, Co-Founder and CEO of BanQu.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Insurtech Innovator CoverHound Fetches $58 Million in New Funding.
  • Bill.com Partners with American Express to Offer New AP Solution, Vendor Pay.

Around the web

  • Revolut and WeWork team up to provide three months of “hot desk space” to Revolut for Business customers.
  • PXP Financial, borne of the merger of PXP and Kalixa, announces its public launch.
  • U.K.-based cloud accounting firm FreeAgent to offer direct data feeds to banks via the Open Banking framework.
  • bpm’online forges partnership with Meritus Business Solutions.
  • Optimove unveils iGaming Pulse, a benchmark solution to enable gaming operators to test the performance of their platforms against industry performance metrics.
  • Onfido appoints former Head of Computer Vision for Robotics at Amazon, Mohan Mahadevan as its new VP of Research.
  • Switch reports that its CardSavr service boosts credit card usage immediately at activation.
  • Enveil announces technology partnership and integration with advanced data security solution and services provider Thales.
  • CuneXus partners with outdoor recreational vehicle buying network, Rollick, to streamline the financing process for RV shoppers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Enveil, Unbound Tech Bring Data Security Triad to the Enterprise

Cybersecurity specialist Enveil has partnered with Unbound Tech to bring nation-state level data security to business customers. Together, by securing data-at-rest, data-in-transit, as well as data-in-use, the two companies will offer enterprise clients what it calls “the Data Security Triad” for cybersecurity protection.

“Partnering with innovative leaders like Unbound Tech allows us to push beyond current technology limitations to provide integrated solutions that truly represent the market-rattling, leading edge in data security,” said Ellison Anne Williams, founder and CEO of Enveil. “We recognize the importance of working seamlessly alongside other leading technologies to ensure sensitive data and encryption keys are secure at all times.”

The new solution secures sensitive data at all points in its lifecycle. Enveil’s technology leverages homomorphic encryption to close the data-in-use “exposure gap” that is created when sensitive data is decrypted for use or processing. Williams referred to this gap as the “point of least resistance” for cyberattacks.

Unbound Tech manages cryptographic keys, credentials, and other data to ensure that they never exist anywhere in their complete form. The combination of homomorphic data security and MPC-based encryption key protection, explained Unbound Tech CEO Avner Mor, relieves companies of the burden of needing multiple strategies to deal with data in different states. The solution also helps businesses save money, Mor said, calling the lower administrative and resource overhead an “added bonus.”

Unbound Tech is a Tel Aviv, Israel-based firm founded in 2013. Funded by investors including Citi Ventures, Innovation Endeavors, and Goldman Sachs Principal Strategic Investments, the company won the Prime Minister’s Award for Israeli Innovation for its digital security technology in November.

Enveil demonstrated its data encryption platform at FinovateFall 2017. Founded in 2016 and headquartered in Washington, D.C., Enveil announced in December that its ZeroReveal Compute Fabric, introduced last summer, would be accessible in the Microsoft Azure Marketplace. ZeroReveal Compute Fabric is a two-party platform that supports access to the company’s ZeroReveal solutions to protect data-in-use.

In September, Enveil won a spot on SINET’s 16 Innovators roster for 2018, the same month the company earned international Common Criteria security certification for its ZeroReveal solution. Enveil announced a technology integration with digital security firm Gemalto in August,

Learn more about the company and its founder in our profile from October 2017.

Finovate Alumni News

On Finovate.com

  • Enveil, Unbound Tech Bring Data Security Triad to the Enterprise.

Around the web

  • CardFlight teams up with JetPay to give U.S. SMEs broader payment acceptance options.
  • Bahrain-based third-party PSP, SINNAD, launches a new processing platform built on Compass Plus’ TranzWare and TranzAxis.
  • Accenture to acquire management consultancy and technology services provider, Orbium.
  • BankBazaar adds business cards to its online marketplace for financial products courtesy of a partnership with Yes Bank.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Accenture Acquires Select Assets from Banking Software Provider Zafin.
  • Equifax Launches Ignite Solution in the U.K.

Around the web

  • Enveil brings data in use security to the Azure Marketplace.
  • City of Charlotte and Charlotte Douglas International Airport upgrade to Passport’s real-time, connected platform.
  • Australia’s largest credit union, CUA, launches new chat app powered by Kony’s DBX.
  • Equifax unveils its integrated portfolio of data, analytics, and visualization tools, Equifax Ignite, in the U.K.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • GreatHorn meets SOC 2 standards for security, availability, and confidentiality after completion of attestation report.
  • Gitlab’s Kathy Wang and James Ritchey talk with HackerOne about why they decided to launch a bug bounty program.
  • Digital gifting solution provider Swych brings blockchain technology to its platform.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • DefenseStorm Forges Strategic Partnership with Alogent.
  • FinovateFall 2018: Be There … In Times Square.

Around the web

  • Ripple reaches milestone as its RippleNet network is now live in more than 40 countries across six continents.
  • Bambu, Exate Technology, and Market IQ are among the seven startups selected for Plug and Play ADGM’s three-month accelerator program.
  • AlphaPoint appoints Moishe Gubin to its board of directors.
  • CallVU to provide an international credit company with biometric authentication via its digital engagement platform.
  • Enveil and Payfone earn spots on the 2018 SINET 16 Innovators roster.
  • Fifth Domain features Hacker One in a look at how white hat hackers could help improve voting machine security.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • ID.me Offers Retailers Eligibility Verification for Discount Programs.

Around the web

  • Bill.com announces its automated international business payments solution, piloted in July, is now generally available.
  • Finastra’s former chief digital officer, Balazs Vinnai, joins W.UP as an investor and president.
  • ZeroReveal, the security solution from data-in-use cybersecurity specialist Enveil, earns international Common Criteria security certification.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • ACI Worldwide introduces new offerings to enable banks to take advantage of SWIFT’s global payments innovation (gpi) service.
  • Sberbank launches new Seven Minute loan offering for large businesses.
  • Thomson Reuters teams up with augmented intelligence solution provider, Squirro.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • eToro Adds IOTA Cryptocurrency to Platform.
  • First Data Partners with Ellie Mae to Improve Security of Lending Payments
  • Check out our latest FinovateFall Sneak Peek featuring ebankIT.

Around the web

  • UMB Fund Services adopts Temenos tech for ETF drive.
  • EMIDA joins wireless independent dealer association.
  • InSpirAVE earns spot in Top 100 at the Innovate Celebrate Conference’s Startup of the Year competition.
  • Data-in-use security specialist Enveil announces technology integration with Gemalto.
  • Onfido adds new VP of Global Marketing, General Counsel, and Director of People.
  • FICO extends partnership with Equifax Canada.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.