Evervault Financial Model
Dev Tools Startup Financials (Free Excel Download)
Developer tools for encrypted cloud data processing using Intel SGX hardware enclaves - process sensitive data without ever decrypting it.
professionals from Deloitte
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About this model
Evervault provides encrypted cloud data-processing infrastructure built on Intel SGX hardware enclaves. Developers can deploy sensitive functions while data remains encrypted during processing, helping products meet security and compliance needs without building specialized cryptography systems.
The platform is priced on use, such as enclave invocations and processed data volume, with potential enterprise private-cloud deployments later. It was pre-revenue at the time of the deck, targeting an early base of paying customers and partnerships with Intel and Microsoft.
The model is a consumption SaaS forecast. Developers, applications, invocation volume, data processed, and price per unit drive revenue, while enterprise deployments add contracted ARR. Compute cost, security operations, conversion from trial to production, sales cycles, and expansion in sensitive workloads determine margin.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Evervault
evervault.com
How to build a detailed financial model for Evervault
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Evervault model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Cloud-based network of Intel SGX hardware-secured processing enclaves
- Developers deploy sensitive processing functions to a unique URL endpoint (e.g. `https://ev.run/4QaRZ`); data stays encrypted throughout
- SDK integrates with all major frameworks; Intel SGX Remote Attestation verifies enclave integrity before data is sent
- Eliminates the "last mile" problem: data in transit (SSL/TLS) and at rest (symmetric encryption) were solved; data during processing was not
- Streamlines SOC-2, PCI, GDPR, HIPAA compliance without application rearchitecting
- Long-term roadmap includes on-premises enterprise deployments and breach insurance
Market
Context from problem slides: references to major breaches (Equifax 143M users, Yahoo 3B accounts, Facebook 87M users, Uber 57M users) frame scale of the problem, but no market size numbers are cited.
Revenue model
- Usage-based pricing: companies pay based on frequency of enclave invocations and volume of data processed
- Described as "Heroku-style" - predictable cost scaling aligned with cloud infrastructure spend
- Long-term upsell: on-premises / private cloud deployments for enterprise + breach insurance policy
- No specific price per invocation, per GB, or per seat is given in the deck
Traction & metrics
- Pre-revenue at time of deck; no paying customers yet
- Target milestone (projected, not actual): 10 paying customers at $25k MRR by Q4 2020
- Target milestone: Public paid launch and Series A by Q1 2021
- Partnerships with Intel and Microsoft noted as competitive validation
Competition / moat
- Claims to be "the world's first cloud-based secure processing product"
- First company to bridge secure cloud hardware (Intel SGX) with web/mobile application layer
- Strategic partnerships with Intel and Microsoft: co-sell access, engineering support, security audits
- Network effect implied: the more enclaves, the more resilient and scalable the network
Team & funding ask / use of funds
- Founder: Shane Curran - won BT Young Scientist & Technology Exhibition 2017 (cryptography/data privacy research); youngest Forbes "30 Under 30" in 2018; previously founded Libramatic (2012); worked at MyWallSt (3→25 FTEs growth)
- Seeking: Lead investor for $1m in a $1.5m Seed round
- Use of funds: Hire 5 developers + 1 UI/UX designer; build product; run early PoC customer integrations
- Runway: ~19 months
- Milestone at end of runway: public paid launch with 10 paying clients
Recommended financial model
- Archetype + why: Usage-based SaaS / developer infrastructure model (Heroku/Twilio-style). Revenue is a function of API call volume × price per invocation (and/or GB data processed), not seats. Secondary ARR stream from enterprise on-premises contracts in later years.
- Forecast horizon & granularity: Monthly for 24 months (Seed to Series A horizon), then annual for years 3–5. Align month 1 = Q4 2019 (seed close).
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| Seed close date | Q4 2019 |
| Seed raise amount | $1.5m |
| Lead investment | $1.0m |
| Runway from raise | 19 months |
| Monthly headcount cost (5 devs + 1 designer + founder) | ~$50k–$65k/mo blended |
| Target paying customers at Q4 2020 | 10 |
| Target MRR at Q4 2020 | $25,000 |
| Implied ARPU at target | $2,500/mo per customer |
| Customer ramp (Q1→Q4 2020) | 0 → 10 customers over ~9 months |
| Average monthly invocations per customer | TBD - no data in deck |
| Price per enclave invocation | TBD - no data in deck |
| Gross margin (infra-heavy early stage) | 50–60% |
| Sales motion | PLG / developer self-serve + founder-led enterprise |
| CAC (PLG) | $0–$500 |
| CAC (enterprise/PoC) | $5k–$15k |
| Churn (annual) | 5–10% |
| Series A trigger | Q1 2021 public launch + 10 paying customers |
- Scenarios (Base / Bull / Bear):
- Base: Hits 10 customers at $25k MRR by Q4 2020; raises Series A in Q1 2021; grows to 50 customers by end of year 3
- Bull: Faster enterprise conversion (Microsoft co-sell drives 2–3 large contracts); ARPU 2–3× base ($5k–$7.5k/mo); reaches $1m ARR by end of year 2
- Bear: Customer acquisition slower than planned (developer adoption takes longer); 5 customers at Q4 2020; runway exhausted before Series A; needs bridge or round extension
- Flex variables: customer count, ARPU, gross margin (infra cost), headcount burn rate
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place)
- Headcount plan (by role, hire date, fully-loaded cost)
- Revenue build (customers × ARPU, monthly; usage volume × price per invocation once pricing is known)
- P&L / burn: Revenue − COGS (infra) = Gross Profit; minus OpEx (headcount, G&A) = EBITDA / net burn
- Cash flow & runway tracker (starting $1.5m; months of runway remaining)
- KPI summary: MRR, ARR, customer count, ARPU, gross margin %, burn multiple
- (Year 3+) Enterprise revenue stream: on-prem contracts as separate line
Frequently asked
Is the Evervault financial model free?+
Yes. The Evervault model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Evervault's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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