Vaultree and the EIC Accelerator: Encryption for Data in Use

Vaultree, a Cork cybersecurity company now led by CEO David Currie, develops software that lets organisations search and compute on data while it stays encrypted. Its EIC application said its "unique end-to-end encryption technology" had been tested "on over 500 million data sets" and would offer "a tailored end-to-end encryption solution for every type of organisation without any compromises in performance, scalability and data security", according to CORDIS.

The European Innovation Council granted €2,465,750 towards a €3.55 million project from March 2023 to February 2025. The final report says Vaultree built a software development kit for encrypted SQL queries and calculations on PostgreSQL, MySQL and Google BigQuery, and finished Vaultree Encrypted Data Sharing (VEDS), an encrypted database service on Google Cloud and AWS. It lists proofs of concept with the Irish Times, Post Luxembourg, Nitro and CRH, and 22 patents developed, one granted. In April 2025 board adviser David Currie, a former security chief at Nubank and Klarna, replaced co-founder Ryan Lasmaili as CEO, Silicon UK reported.

Where Vaultree Stands Now

Vaultree's website says its current products "solve encrypted search and cryptographic access control" and that its research into fully homomorphic and multi-key encryption is aimed at private AI "tomorrow". It open-sourced its VENum technology and a machine learning library built on it. The Irish register shows the company in normal status, with accounts for 2024 filed in June 2026, according to SoloCheck. Vaultree has not announced a funding round since its 2022 Series A or named a paying customer.

The Technology: Computing on Locked Data

Standard encryption protects data at rest and in transit, but data must be decrypted to be queried or analysed, the report says. Vaultree's modules parse SQL over encrypted data, perform homomorphic arithmetic, and handle keys and migration. The team also prototyped FPGA and GPU acceleration to speed up encrypted computation. The report does not publish performance figures against unencrypted databases.

What the EIC Project Promised, and What CORDIS Shows

The project promised enterprise-ready encryption with no loss of performance. The report documents an SDK, a finished encrypted database service and proofs of concept in media, healthcare and enterprise security. It lists further needs: continued research into post-quantum encryption, real-world pilots, standardisation and workforce training. It does not report commercial contracts or revenue. CORDIS lists the project as closed.

1. Encryption SDKDeliveredThree databases supported.
2. Encrypted database serviceDeliveredVEDS on AWS and Google.
3. No performance compromiseUnverifiedNo benchmarks published.
4. Enterprise customersUnverifiedPilots only named.

The Money

Vaultree raised $3.3 million in seed funding in November 2021 and a $12.8 million Series A in December 2022 led by Molten Ventures, with Ten Eleven Ventures and SentinelOne, Silicon Republic reported. The EIC award was a grant with no EIC Fund equity. Vaultree's revenue, losses and headcount from its filed accounts are not publicly summarised.

What Cannot Be Checked

Why Europe Should Care

Encryption that keeps data protected while it is processed would let organisations use cloud and AI services without exposing sensitive data to providers. Vaultree is one of the companies attempting it. The EIC paid for the product build; the commercial proof has not been published.

The Verdict

Vaultree and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.