Enveil
Enveil is a Maryland-based privacy-enhancing technology company specializing in homomorphic encryption for protecting data while it is being processed or analyzed.
Profile
Enable organizations to search, analyze, and share sensitive data while keeping it encrypted end-to-end, so no party—not even Enveil—can see what is being queried or what results are discovered.
Enveil is a Maryland-based privacy-enhancing technology company specializing in homomorphic encryption for protecting data while it is being processed or analyzed. Founded in 2016 by mathematician and former National Security Agency senior researcher Ellison Anne Williams, Enveil commercialized technology Williams developed during 12 years at the NSA—a rare case of a single researcher securing exclusive rights to export early-stage, highly classified cryptography research into the commercial sector.
The company's flagship product line, ZeroReveal, allows organizations to search, analyze, and apply machine learning to encrypted data without decrypting it, leaving the contents of queries and results permanently hidden from all parties except the data owner. ZeroReveal Search 6.0, released in July 2025, processes over one gigabyte of data per second per thread, making encrypted operations practical for enterprise workflows rather than theoretical research exercises.
Enveil has raised $46.4 million across four funding rounds. Its Series A ($10 million in February 2020) was led by C5 Capital with backing from Mastercard, Capital One Ventures, Bloomberg Beta, and 1843 Capital. The Series B ($25 million in April 2022) was led by USAA—notably, a significant customer—with participation from existing investors plus In-Q-Tel (the CIA's venture arm) and DataTribe. The company also secured strategic funding in 2024.
As of April 2026, Enveil employed 33 people and operates offices in Fulton, Maryland and London. The company reports a 300% revenue increase since its Series A, driven partly by its investor base also being paying customers: USAA, Mastercard, and In-Q-Tel use ZeroReveal for their own operations. In May 2025, Enveil won a Defense Innovation Unit contract to integrate ZeroReveal into the U.S. Space Force's Hybrid Space Architecture program. The company has also partnered with Sayari, a financial intelligence platform, to enable regulated-industry customers to access beneficial ownership and sanctions data without moving sensitive internal records.
Enveil operates in a growing but still niche sector. Competitors include Duality Technologies, Zama, and IBM, though Enveil's focus on enterprise-ready, encrypted search and analytics differs from competitors pursuing general-purpose fully homomorphic encryption or blockchain applications. Gartner named Enveil a Cool Vendor in Data Security in 2024 and listed it in nine Hype Cycle reports in 2024 alone, though the company remains pre-scale with minimal public customer case studies beyond investor announcements.
Who buys this
- Large financial services institutions managing cross-border data sharing and fraud detection under strict jurisdiction-specific privacy rules
- Healthcare and insurance providers analyzing regulated patient or claims data without centralizing or decrypting it
- Government and defense agencies conducting sensitive watchlisting, sanctions screening, and mission-critical analytics on distributed classified and unclassified data
- Data monetization platforms and businesses selling high-value third-party data (beneficial ownership, sanctions, transaction records) to regulated customers who cannot accept replicated copies
Publicly disclosed clients
- USAA
- Mastercard
- Capital One
- U.S. Space Force (via Defense Innovation Unit contract, May 2025)
- HSBC, Barclays, ING (participated in FCA TechSprint anti-money laundering challenge)
Strengths and what to watch
Strengths
- Founder-led by a mathematician with exclusive, early-stage export rights to NSA homomorphic encryption research, providing a rare technological moat in a crowded privacy tech field
- Product maturity: ZeroReveal Search 6.0 processes >1GB/second encrypted data and scales to edge and IoT deployments, moving beyond theoretical proof-of-concept to operational enterprise software
- Strategic customer concentration among defense and financial services—high-value, regulated sectors with acute data-sharing pain and budgets to match
Watch for
- Funding status: $46.4M raised as of April 2022; no Series C announced as of June 2026, and company has 33 employees—runway and growth rate relative to peers (Duality, Zama) unclear
- Customer concentration risk: series B was led by USAA and includes USAA, Mastercard, Capital One as both investors and primary customers; commercial traction beyond investor base unverified in public sources
- Market adoption still nascent: homomorphic encryption market projected at $216M in 2025 and $391M by 2035 (6.1% CAGR); meaningful enterprise adoption at scale has not yet materialized
Recent moves
Key Information
- Industry
- Privacy & Security
- Founded
- 2016
- Headquarters
- Fulton, Maryland
Frequently Asked Questions
What is Enveil?
Enveil is a Maryland-based privacy-enhancing technology company specializing in homomorphic encryption, founded in 2016 by mathematician Ellison Anne Williams. Its flagship ZeroReveal product enables organizations to search, analyze, and apply machine learning to encrypted data without decrypting it, keeping queries and results hidden from all parties except the data owner.
How does homomorphic encryption enable data analysis?
Homomorphic encryption allows computations to be performed directly on encrypted data without decryption. ZeroReveal Search 6.0 processes over one gigabyte of data per second per thread while maintaining encryption, making encrypted operations practical for enterprise workflows instead of just theoretical research or proof-of-concept.
What industries use encrypted data search?
Enveil serves financial services institutions managing cross-border data sharing, healthcare and insurance providers analyzing patient data without decrypting it, government and defense agencies conducting sensitive analytics, and data monetization platforms selling high-value third-party data to regulated customers who cannot accept unencrypted copies.
Who are Enveil's main customers?
Enveil's notable customers include USAA, Mastercard, Capital One, and the U.S. Space Force, which partnered in May 2025 via a Defense Innovation Unit contract to integrate ZeroReveal into the Hybrid Space Architecture program. The company also partnered with Sayari, a financial intelligence platform, to serve regulated-industry customers.
How much has Enveil raised and when?
Enveil has raised $46.4 million across four funding rounds. Its Series A ($10 million, February 2020) was led by C5 Capital with backing from Mastercard and Capital One Ventures. The Series B ($25 million, April 2022) was led by USAA with participation from In-Q-Tel, the CIA's venture arm, and DataTribe.
How does Enveil compare to competitors?
Enveil competes with Duality Technologies, Zama, and IBM, but differs in focusing on enterprise-ready encrypted search and analytics rather than general-purpose fully homomorphic encryption. Gartner named Enveil a Cool Vendor in Data Security in 2024 and listed it in nine Hype Cycle reports, though homomorphic encryption adoption remains nascent.
How Enveil compares
Direct head-to-head against 2 competitors. Picked by 7wData.
Enveil
- Positioning
- Enable organizations to search, analyze, and share sensitive data while keeping it encrypted end-to-end, so no party—not even Enveil—can see what is being queried or what results are discovered.
- Customer segments
- Large financial services institutions managing cross-border data sharing and fraud detection under strict jurisdiction-specific privacy rules
- Strengths
- Founder-led by a mathematician with exclusive, early-stage export rights to NSA homomorphic encryption research, providing a rare technological moat in a crowded privacy tech field
- Watch for
- Funding status: $46.4M raised as of April 2022; no Series C announced as of June 2026, and company has 33 employees—runway and growth rate relative to peers (Duality, Zama) unclear
- Recent moves
- Enveil partners with Sayari to enable secure access to beneficial ownership and financial intelligence data in regulated industries
Duality Technologies
- Positioning
- FHE-based secure data collaboration platform for cross-organizational analytics under regulatory constraint, targeting finance, healthcare, and defense.
- Customer segments
- CDOs, CISOs, compliance teams at regulated enterprises. US defense and intelligence procurement offices.
- Strengths
- FHE-encrypted inference where queries never leave client in plaintext, validated on BERT-family models.
- Watch for
- FHE inference runs at roughly 200x slowdown versus plaintext. TEE deployments limited to single physical server, blocking horizontal scale.
- Recent moves
- October 2025: launched on Oracle Cloud Marketplace targeting US government and defense via OCI Isolated Regions.
Opaque Systems
- Positioning
- Confidential AI platform running enterprise AI workloads on sensitive data inside hardware-backed TEEs, born from UC Berkeley RISELab.
- Customer segments
- Enterprise compliance-bound buyers in financial services and healthcare who cannot send raw data to third-party cloud AI.
- Strengths
- Hardware-attested execution producing cryptographic audit reports a customer or regulator can verify, not take on trust.
- Watch for
- Runs only on Intel TDX or AMD SEV-SNP CPUs. AWS, Google, and Azure building native confidential computing that could commoditize the offering.
- Recent moves
- February 2026: raised $24M Series B at $300M valuation, led by Walden Catalyst, with Intel Capital participating.
Sources
- www.enveil.com — Company overview, products, headquarters, founding date, core capabilities
- techcrunch.com — Series B funding ($25M, April 2022), founders, investors, revenue growth since Series A, Ellison Anne Williams background and NSA career
- tracxn.com — Employee count (33 as of April 2026), funding rounds, Series B date and amount, competitors ranking, headquarters location
- siliconangle.com — Founder education and NSA background, Series A funding details ($10M, February 2020), early investors, homomorphic encryption technology description
- www.prnewswire.com — ZeroReveal Search 6.0 release date (July 15, 2025), performance metrics (>1GB/second), feature enhancements, encryption capabilities
- executivebiz.com — Defense Innovation Unit contract (May 2025), Space Force partnership, ZeroReveal integration into Hybrid Space Architecture, CEO statement
- www.linkedin.com — Company size (51-200 employees with 33 on LinkedIn), headquarters location (Fulton, MD and London), industry classification, founding year 2016
- www.businesswire.com — Series B funding round ($25M, April 2022) investor list, 300% revenue growth claim since Series A, strategic focus on commercial and government markets