Cybersecurity startup Evident, which mitigates both a company and individual cyber risk, has announced the closing of a $8.8 million Series A round led by global venture capital firm New Enterprise Associates. Along with this, the company is also launching their product, a cloud-based API for businesses to access and use personal data, in the U.S.
Other funding participants include a host of cybersecurity veterans, including former Internet Security Systems (ISS) CEO Tom Noonan, former CEO of Palo Alto Networks Lane Bess, and former CEO of Lancope Mike Potts, as well as industry experts Ashish Mistry of BLH Ventures and Todd Nightingale, SVP, GM of Cisco Meraki.
Evident is already available in 65 cities across 23 countries. Their ideal customers are enterprises who require verified personal data — sharing economy businesses, for example — but whose expertise is not in ensuring this data is securely stored. Accessing it through the Evident API allows the business to pass on collecting and protecting that data.
“Our focus in the next 12-18 months is to build on our existing footprint in the sharing economy and beyond. We already have strong partnerships with some of the biggest names in the sharing economy, but there are so many more companies that need a better solution,” says David Thomas, Founder and CEO of Evident. “Our ability to reduce risk and liability for businesses with a simple, secure API is compelling for any business that has to secure and manage verified personal data.”
With hacks affecting enterprises including Target (2013), Home Depot (2014), and most recently, Equifax — the latter of which affected 143 million consumers — most Americans feel that their personal data is vulnerable to hackers. Evident’s cloud-based product helps businesses gain back their trust, and protect themselves, by offering a solution that verifies the customer’s data without requiring the company to actually access or retain it on their servers.
“The biggest issues for businesses are the risk and expense that come with managing personal data, especially when it is housed in one centralized database,” says Thomas. “A data breach can be devastating to both the business and the members of its community, but the growing cost of managing and securing personal data can also be overwhelming.”
Evident’s secure API is especially helpful when obtaining background checks, identity verification, and proof of credentials.
“We also allow companies to stay current in the verifications they have already completed,” says Thomas. “Companies receive alerts when something important changes in a user’s profile, ensuring access to the most updated data. And with connections to thousands of attributes, we help businesses scale more quickly, giving them access to all the verified information they need.”
The company plans to continue expansion across the U.S.
“Companies across industries require verified personal data. As those businesses, both in Atlanta and beyond, look to grow, they will need to reduce the risk, friction and investment that comes with securing and managing that personal information — that’s where we can help,” says Thomas.