1 The EIC Accelerator Project
Overview of the EIC Accelerator Program
The EIC (European Innovation Council) Accelerator program is a funding mechanism designed to support innovative startups and SMEs (Small and Medium-sized Enterprises) in Europe, particularly those operating within the DeepTech sector. This program aims to foster the development of breakthrough technologies and innovations that can significantly impact the market and society. The EIC Accelerator provides funding in two forms: grants and equity investments, catering to companies at various stages of their development.
Funding Structure
The EIC Accelerator offers substantial financial backing to eligible companies, with grants of up to €2.5 million available for projects that require non-dilutive funding. This grant can be utilized for various purposes, such as research and development, prototyping, and market entry strategies.
In addition to grants, the program also provides equity investments to support scaling. Until 2024, the EIC Accelerator can invest up to €15 million in the form of equity, which is designed to help companies leverage additional private sector financing. Starting in 2025, this upper limit will adjust to €10 million. The equity component is aimed at fostering long-term growth and sustainability, encouraging startups to attract further investment and expand their market presence.
Purpose within the Ecosystem
The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by identifying and nurturing high-potential innovations that may have been overlooked by traditional funding sources. This initiative is particularly important for DeepTech companies, which often require significant funding and time to develop their technologies. By providing both grant and equity funding, the program enables these companies to achieve critical milestones, such as product development, regulatory approval, and market validation.
Furthermore, the EIC Accelerator helps bridge the gap between public funding and private investment. It offers startups the credibility and financial backing necessary to attract venture capital and other private investments, thus enhancing their chances of scaling effectively.
Case Study: Vaultree Limited and Project VAULT
Vaultree Limited, an Irish company, emerged as a winner of the EIC Accelerator program with its innovative project, VAULT. The submission for the Step 2 proposal took place on October 5, 2022, and the company successfully advanced through the rigorous evaluation process to secure funding.
Project VAULT Overview
Project VAULT focuses on developing a groundbreaking technology designed to enhance data security and privacy. As organizations increasingly rely on digital solutions, the demand for robust encryption methodologies has surged. Vaultree's technology aims to address this need by providing a unique, efficient approach to encryption that allows users to access and manipulate data without compromising its security.
Technology Basics and Background
Vaultree’s technology revolves around a concept known as "data-in-use encryption." Traditional encryption methods often necessitate data to be decrypted for processing, which can expose sensitive information to unauthorized access and cyber threats. Vaultree’s approach allows data to remain encrypted even during processing, thereby mitigating risks associated with data breaches.
This innovative encryption process employs a combination of advanced cryptographic techniques and algorithms that facilitate secure data transactions. The patented technology ensures that only authorized users can decrypt and access sensitive data, all while maintaining the ability to perform necessary operations on it. This capability is particularly beneficial for sectors that handle sensitive information, such as finance, healthcare, and personal data management.
By integrating this technology into existing systems, Vaultree aims to offer organizations an unprecedented level of security, providing them with a competitive edge in an increasingly data-driven world. The company’s vision is to empower businesses to adopt digital transformation while ensuring that data privacy and security remain paramount.
In summary, the EIC Accelerator program serves as a vital catalyst in the European innovation landscape, providing essential funding and support to transformative projects like Vaultree's VAULT. Through grants and equity investments, the program not only propels technological advancements but also strengthens the overall startup ecosystem by facilitating access to private funding and encouraging sustainable growth.
2 The Funding Rounds
Vaultree Limited: Funding, Investment Rounds, and Exit Events Since EIC Accelerator Award
Vaultree Limited, based in Ireland and specializing in data-in-use encryption technology, has seen significant financial activity since submitting its successful EIC Accelerator proposal on October 5, 2022. Below is a detailed overview of the company's financing history, funding rounds, investor participation, amounts raised and related events since that date.
Financing Raised & Funding Rounds
Total Funding
| Date | Round | Amount Raised | Key Investors |
|---|---|---|---|
| Nov 2021 | Seed VC | $3.3 million | Not publicly listed |
| Sep 2022 | Seed VC - II | Not disclosed | Not publicly listed |
| Oct 5, 2022 | Grant (EIC) | Not disclosed | European Innovation Council (grant amount not specified) |
| Dec 7, 2022 | Series A | $12.8 million | Molten Ventures (lead), Ten Eleven Ventures (co-lead), SentinelOne, Elkstone Partners, CircleRock Capital, Cyber Club London, Undisclosed cybersecurity experts |
</em>Date coincides with EIC Accelerator Step-2 submission; grant receipt likely followed soon after.
Key Details:
- Series A ($12.8M): Closed in December 2022 and led by Molten Ventures with co-leadership from Ten Eleven Ventures. Other investors included SentinelOne—a leading global cybersecurity firm—plus Elkstone Partners, CircleRock Capital, Cyber Club London and several prominent figures from the cybersecurity sector.
- Seed Round ($3.3M): Announced in November 2021 prior to the EIC award.
- The company also received an unspecified grant as part of its EIC Accelerator win after October 5th, likely between Q4/22–Q1/23 as per typical disbursement timelines for such awards.
Timing & Amounts of Funding Rounds
- November 2021: Seed round – $3.3M
- October–December 2022: Grant via EIC Accelerator – undisclosed amount
- December 7, 2022: Series A – $12.8M
No subsequent public funding rounds or new investments have been reported between late December 2022 and May 1st of the current year.
Investor Information
The following investors participated notably in Vaultree’s Series A round:
- Molten Ventures (lead)
- Ten Eleven Ventures (co-lead)
- SentinelOne
- Elkstone Partners
- CircleRock Capital
- Cyber Club London
Company Valuations
Specific post-money valuations for each investment round have not been made public by Vaultree or their investors as per available financial databases and press releases up to May 2025.
Exit Events: IPOs & Acquisitions
As of May 1st of this year:
Summary Table — Recent Financial Activity at Vaultree Limited
| Date | Event Type | Amount |
|---|---|---|
| Nov 02 – 21 | Seed | $3.3M |
| Sep 01 – 22 | Seed VC-II | Undisclosed |
| Oct 05 – 22 EIC Submission / Grant Awarded Post-Cutoff ‾‾‾ ‾ | ||
| Grant (amount undisclosed) | ||
| Dec 07 – 22 Series A $12.8M |
</em>Funding database records suggest other small seed-related infusions but do not provide confirmed details on these events.
Exit Status
There is no evidence of any exit event such as an IPO or acquisition for Vaultree Limited up until today’s date.
Sources
- Cork cybersecurity start-up Vaultree selected for EIC Accelerator
- Vaultree Raises $12.8 million Series A Funding Round to Meet Customer Demand for World’s First Fully Functional Data-in-use Encryption
- Vaultree company information — Dealroom.co
- Vaultree: Building the future of cybersecurity with encryption tech
- Molten Ventures co-leads $12.8m Series A funding into Vaulttree
- Vaulttree closes a $12.8m dollar Series-A to continue building our breakthrough solution
- CB Insights — Company Financials: Vaulttree
3 The Press Releases
Vaultree Limited: A Pioneer in Cybersecurity InnovationVaultree Limited, based in Cork, Ireland, has emerged as a trailblazer in the cybersecurity sector, particularly since it received funding from the European Innovation Council (EIC) Accelerator in October 2022. Founded in 2020, Vaultree is renowned for its groundbreaking work on real-time searchable and fully homomorphic encryption technology.
Technology Advancements
Vaultree's technology allows for the processing of sensitive data without decryption, overcoming significant limitations in traditional encryption methods. This innovation is pivotal for enabling the future of encrypted machine learning (ML) and artificial intelligence (AI), allowing organizations to harness the full potential of their data while maintaining strict security standards. Recently, Vaultree has open-sourced elements of its encryption technology, aiming to enhance scalability and foster community feedback.
Partnerships and Milestones
In 2022, Vaultree announced a partnership with Qrypt and established a technology integration with Google's AlloyDB. The company also achieved SOC 2 compliance and closed a Series A funding round led by Molten Ventures. In 2023, Vaultree was recognized as a Gold Winner at the CyberSecurity Excellence Awards and was selected as a 2023 Tech Pioneer by the World Economic Forum.
Funding and Recognition
As part of the EIC Accelerator, Vaultree received a grant for its Vault project, underscoring the company's innovative approach to cybersecurity. Following this, Vaultree has continued to attract significant attention for its pioneering work in encrypted ML and AI technologies.
Latest Developments
Vaultree's commitment to transparency and innovation is evident in its decision to open-source its technology, which addresses scalability limitations in Fully Homomorphic Encryption (FHE) schemes. The company's vision is to empower organizations to operate fully on encrypted data, revolutionizing how data is protected and utilized.
Sources
- Cork cybersecurity start-up Vaultree selected for EIC Accelerator
- Vaultree: Revolutionizing Data Encryption – Defining the Future of Encrypted ML, AI and FHE
- Vaultree open-sources its technology for computation on encrypted data
4 The Technology Advancements
Vaultree Limited: Advancements in Data-In-Use Encryption Since EIC Accelerator FundingSince receiving EIC Accelerator funding in October 2022, Vaultree Limited has solidified its position as a leader in Fully Functional Data-In-Use Encryption (FFDUE), achieving technical milestones, expanding partnerships, and securing industry recognition. Below is an analysis of their progress across key areas:
Technical Advancements and New Features
- FHE and Encrypted ML Breakthroughs: Vaultree resolved scalability challenges for encrypted machine learning (ML) and Fully Homomorphic Encryption (FHE), enabling real-time processing of encrypted data with minimal performance overhead. Their method reduces computational lag to 10–15% compared to plaintext operations, a significant improvement over traditional FHE schemes.
- Open-Source Release: In December 2024, Vaultree open-sourced its encryption library to foster transparency and community collaboration. The release included patented methods for managing ciphertext size and noise accumulation during encrypted computations.
- Google Cloud Integration: A forthcoming integration with Google BigQuery (Q1 2025) will allow customers to perform encrypted operations directly within the data warehouse environment.
Market Demonstrations and Customer Engagements
- Healthcare Sector Implementation: In May 2023, Vaultree deployed its FFDUE solution for healthcare organizations, enabling secure processing of sensitive patient data while maintaining HIPAA/GDPR compliance. The technology supports encrypted AI-driven analytics for clinical trials and telemedicine.
- Strategic Partnerships: Collaborations include Google AlloyDB for PostgreSQL (for cloud-native encryption) and Qrypt (for quantum-resistant key generation).
- Industry Recognition: Awards such as three Cybersecurity Excellence Awards (2023), inclusion in the CyberTech 100 list, and the Global Infosec Award’s "Encryption Expert" title validate market traction.
Intellectual Property Developments
- Patent Portfolio Expansion: As of December 2024, Vaultree holds 27 patents covering its encryption methods. Recent filings focus on unified key structures for scalable multiuser environments.
- Whitepapers/Publications: A summer 2024 technical paper detailed their approach to constant-time encrypted computations regardless of dataset size.
Post-EIC Funding Growth Trajectory
Vaultree’s $12.8M Series A round (December 2022) accelerated R&D efforts ahead of their EIC grant utilization. Subsequent advancements reflect a focus on cross-industry applicability—particularly in healthcare, finance, energy—and infrastructure scaling via cloud partnerships.Sources
5 The Partnerships and Customers
Vaultree Limited: Partnerships and Advancements Since EIC Accelerator Funding
Vaultree Limited, an Ireland-based cybersecurity company, received the European Innovation Council (EIC) Accelerator funding in October 2022. Since then, the company has made significant strides in its partnerships, customer base, and technological advancements.
Partnerships
Customers and New Relationships
While specific names of new customers are not publicly disclosed, Vaultree's solutions are designed to benefit enterprises seeking advanced data security. The company's focus on cost savings through cyber insurance premium reductions and operational simplicity suggests a growing appeal to organizations concerned with data protection.
Nature and Purpose of New Relationships
New relationships and partnerships are aimed at positioning Vaultree as a leader in data security. By integrating its technology with major cloud services like Google AlloyDB, Vaultree enhances its scalability and market reach. These partnerships facilitate the deployment of its Fully Functional Data-In-Use Encryption (FFDUE) technology, which protects data during processing without hindering usability.
Market Positioning
Vaultree's recognition as a 2023 Technology Pioneer by the World Economic Forum underscores its innovative impact in the cybersecurity sector. This prestige, combined with strategic partnerships, reinforces Vaultree's position as a trusted solution provider for secure data handling and analytics.
Technology Advancements and Scaling
The company's partnerships and funding facilitate continuous innovation and scaling of its Data-In-Use Encryption solutions. By integrating with leading cloud platforms, Vaultree advances its technology to meet the evolving demands of secure data processing and sharing. The recent Series A funding supports aggressive sales growth, marketing, and product development, further enabling Vaultree to expand its offerings and customer base.
Conclusion
Since receiving the EIC Accelerator funding, Vaultree has solidified its position in the cybersecurity market through strategic partnerships and technological advancements. Its innovative encryption solutions continue to attract interest from major industry players, positioning the company for significant growth and influence in the data security sector.
Sources
- Vaultree: Data-In-Use Encryption
- Vaultree Raises $12.8 million Series A Funding Round
- Vaultree has closed a $12.8 million dollar Series A
- Vaultree Customers - CB Insights
- Vaultree: Cybersecurity Visionary Recognized as 2023 World Economic Forum Technology Pioneer
- About Us - Vaultree
- About Us - Vaultree
6 The Hiring and Company Growth
Vaultree Limited: Team Growth and Strategic Developments
Vaultree Limited, an Irish company recognized for its innovative data security solutions, has been expanding its team and operations since receiving the EIC Accelerator funding in October 2022. Here are key updates on their hiring strategies, team size, and recent developments:
Current Headcount and Team Size
As of January 2025, Vaultree has approximately 64 employees across four continents, including Europe, North America, and South America. This marks significant growth from its early days, showcasing the company's commitment to expanding its global presence.
Hiring and Team Growth
Vaultree is actively focused on expanding its team and doubling down on research and patent registrations, targeting Europe and the U.S. as primary markets. Their mission to transform data security has led to a strategic push for talent acquisition, particularly in areas that support their pioneering data-in-use encryption solutions.
Recent Key Positions
A notable recent appointment includes Jeremy Lewis as the new Chairman of the Board. Lewis brings over 40 years of experience in the software and financial services sectors, helping Vaultree scale its operations and expand its customer base. Additionally, Vaultree appointed former Twitter CISO, Rinki Sethi, to its board of directors, enhancing its security leadership.
Impact on Company Growth
The addition of experienced leaders like Jeremy Lewis and Rinki Sethi is crucial for Vaultree's growth strategy. Lewis will help navigate governance and scalability, while Sethi contributes her vast security expertise. These appointments are pivotal in positioning Vaultree for long-term success and further scaling its data-in-use encryption solutions.
Major Changes in Management
The appointment of Jeremy Lewis as Chairman of the Board is a significant management change, bringing deep industry expertise to guide Vaultree's ambitious growth plans. There are no reported changes in the founding team since these appointments.
Future Outlook
Vaultree's strategic hires and team growth are aimed at scaling its innovative data security solutions globally. By enhancing its leadership and expanding its team, Vaultree is poised to address the evolving cybersecurity challenges faced by enterprises worldwide, ensuring data remains secure and usable across various sectors.
Sources: - Vaultree appoints software industry veteran as Chairman of the board
- Vaultree - Products, Competitors, Financials, Employees
- Vaultree: Building the future of cybersecurity with encryption tech
- About Us - Vaultree
- Vaultree Limited - Irish and UK Company Information
- Vaultree Company Overview, Contact Details & Competitors
7 The Media Features and Publications
Vaultree Limited: Media Presence and Industry Engagement Post-EIC Accelerator Funding Following its recognition as the sole Irish recipient of the European Innovation Council (EIC) Accelerator grant in 2022, Vaultree has solidified its position as a cybersecurity innovator through extensive media coverage, industry events, and technological milestones.Media Features & Publications
Vaultree’s Fully Functional Data-In-Use Encryption (FFDUE) technology has been highlighted in outlets such as BusinessWire, which detailed its journey from a rural Irish startup to a global encryption leader. Enterprise Ireland emphasized its 2023 World Economic Forum Technology Pioneer award, placing it alongside past winners like Google and Airbnb. Pulse2 showcased CEO Ryan Lasmaili’s insights on solving persistent encryption challenges and securing $12.8 million in Series A funding, while Cyber Defense Magazine included Vaultree in discussions about RSA Conference innovations.
In December 2024, SiliconANGLE reported on Vaultree’s decision to open-source its encrypted computation technology, emphasizing improvements in Fully Homomorphic Encryption (FHE) scalability.
Podcasts & Interviews
Ryan Lasmaili discussed data privacy and encryption breakthroughs on the Politely Pushy podcast hosted by Eric Chemi (July 2023), sharing personal motivations for tackling cybersecurity challenges. The episode highlighted Vaultree’s mission to eliminate plaintext exposure during breaches through FFDUE.
Conferences & Events
- World Economic Forum Annual Meeting of the New Champions: Lasmaili represented Vaultree at this June 2023 event in Tianjin, China.
- RSA Conference: While specific presentations are not detailed, Cyber Defense Magazine’s RSA edition referenced industry-wide discussions involving encryption leaders like Vaultree.
Sources:
AlloyDB Partnership & EIC Grant: Enterprise Ireland Report (Same as above) – Combined with WEF source due to overlapping content. Additional unique sources below: The following URLs were directly cited but could not be hyperlinked due to duplicate content limitations or partial URL truncation in search results: Full correct URLs are inferred from context where necessary; actual sources used include: 1\. BusinessWire August 2024 feature (Revolutionizing Data Encryption) – Linked directly. 2\. SiliconANGLE December 2024 article (Open-Sourcing Encrypted Computation Tech) – Full URL inferred; details verified via search result. 3\. Pulse2 interview (Solving Persistent Encryption Challenges) – Truncated URL corrected based on search result title. 4\. Politely Pushy podcast (Ryan Lasmaili Interview) – Full episode sourced via Bospar link.Note: Some URLs were partially truncated or redirected; primary sources are prioritized based on availability within provided search results.
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