The governance layer for biological data — before quantum makes the current architecture obsolete.
Foreign adversaries are collecting encrypted genomic data today. They cannot read it yet. When a cryptographically relevant quantum computer arrives — estimated 7 to 12 years — they will decrypt everything they have collected. Every DNA record, every clinical trial dataset, every biobank archive protected by RSA or ECC is a ticking clock. This is not a future problem. It starts the moment data is collected.
Seed raise target
Year 5 ARR target
Target ACV per institution
Runway at close
The window to act without liability exposure is closing.
NIST finalized post-quantum cryptography standards in August 2024 (FIPS 203, 204, 205). CISA and NSM-10 have issued explicit migration mandates for federal agencies, with commercial healthcare guidance following. The HNDL threat is documented, named, and tracked by US intelligence. Hospitals that do not begin migration now are accumulating cryptographic liability on data with 50-year retention requirements — on data that cannot be re-collected once compromised.
No purpose-built healthcare PQC governance layer exists. Current options are: general-purpose cloud security tools (not governance-aware), legacy EHR security modules (not quantum-ready), or DIY implementation (requires 5+ years of specialized cryptography expertise most health systems do not have).
$42B initial addressable market. Growing to $89B by 2030.
| Segment | 2025 Size | 2030 Projection | Enigma Entry Point |
|---|---|---|---|
| Healthcare cybersecurity | $28B | $51B | PQC infrastructure, quantum hardening |
| Clinical data management | $4.2B | $8.1B | Eligibility verification, re-screening elimination |
| Genomic data infrastructure | $3.8B | $9.4B | Governed vaults and consent-gated compute |
| Clinical trial recruitment | $3.1B | $6.2B | EBID persistent identity, cross-trial eligibility |
| Biological AI / precision medicine | $2.8B | $14B | AI Intelligence Layer (future roadmap) |
Beachhead: Clinical research organizations and academic medical centers running genomics programs. Approximately $2.1B in addressable spend, growing at 19% CAGR. At 5% penetration of this beachhead, Enigma reaches $105M ARR.
Three proprietary layers that no cloud provider offers and no EHR vendor has built.
EBID (Enigma Biological ID)
Persistent, privacy-preserving patient identity that links records across institutions without exposing demographics. The primary source of switching costs — once a patient population is enrolled in EBID, migration to an alternative identity layer becomes operationally infeasible.
Consent Runtime
FHIR-native engine enforcing data access permissions at query time, not upload time. Every access checked, logged, and auditable to 21 CFR Part 11 standards. Default posture is DENY. Queries fail closed on consent service degradation.
Post-Quantum Compute Layer
Intel SGX and AWS Nitro trusted execution environments combined with NIST-finalized ML-KEM (FIPS 203) and ML-DSA (FIPS 204). Answers return. Raw data never moves. Enigma engineers cannot access plaintext vault data.
Enterprise SaaS with per-participant expansion. Target NRR: 130%+.
| Revenue Line | Range | Expansion Logic |
|---|---|---|
| Platform license (per site) | $150K-$300K/yr | Covers EBID, Consent Runtime, Audit Ledger, API access |
| Per-participant EBID fee | $25-$100/participant/yr | Revenue grows as institution enrolls more participants |
| Participant access fee (sponsor) | $500-$2,000/participant | Recurring per new study. CRO pays at enrollment. |
| Secure compute usage | $0.10-$1.00/query | Scales with query volume |
| Module expansion | $35K-$75K/yr per module | Consent Ledger, Longitudinal Identity, AI Layer, PQC Vault Hardening |
| Professional services | $175-$275/hr | Integration and compliance documentation. Capped at 15% of ACV. |
Example: A single $175K "Clinical Trial Eligibility" deal with a CRO bleeds into the genomics department, the pathology department, the prenatal clinic, then the CISO's budget. Each expansion is activated by the module structure — no new sales cycle. This is how $250K Year 1 becomes $700K+ Year 3.
The status quo is the competition. Here is what it costs.
| Scenario | Status Quo Cost | Enigma Cost | Year 1 Net Saving | 3-Year ROI |
|---|---|---|---|---|
| Small CRO — 500 patients | $330K | $278K | $52K (16%) | 145% |
| Mid CRO — 2,000 patients | $1.1M | $490K | $610K (55%) | 219% |
| Academic genomics — 5,000 patients | $3.6M | $850K | $2.75M (76%) | 320% |
| Large pharma — 10,000 patients | $4.4M | $1.6M | $2.8M (64%) | 240% |
Phase II oncology trial burning $80,000/day saves $7.3M by compressing enrollment from 16 weeks to 3 weeks using EBID (91 days x $80K). For large sponsors, this single number dominates the ROI calculation.
The moat compounds with every patient enrolled.
AWS provides the room — isolated compute infrastructure. Enigma provides the protocol: who can ask what question, whose consent authorizes the computation, what identity links the answer back to a patient, and what audit trail proves the computation was legitimate. AWS cannot replace this without building an entirely different company. Our customers will not allow a cloud provider to control their patient identity layer.
EBID is the primary switching cost. Once a patient population is enrolled in EBID and cross-institutional workflows depend on it, migration to an alternative identity layer becomes operationally infeasible. The network effect is the moat: every new institution enrolled makes the platform more valuable to every existing institution.
Contact the Founder
Kenneth J. Clark
Founder & CEO
kclark@enigmagenetics.cloud