US-based data security company for financial firms, Very Good Security (VGS), has raised $60m through Series C funding round to accelerate its growth.
The funding round was led by early-stage venture capital firm Vertex Ventures US.
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Existing investors including Goldman Sachs Growth, which is a part of Goldman Sachs’ merchant banking division, and venture capital firm Andreessen Horowitz also participated in the investment round.
VGS will use the proceeds to support its growth, as it more than doubled its customer base this year.
Furthermore, its data under management also recorded over 10x growth year-on-year.
Founded in 2016, the California-based firm processes billions of records of sensitive data for financial firms such as Brex, Deserve, DoNotPay, Fast, and Mercury, through its Zero Data platform.
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By GlobalDataVGS co-founder and CEO Mahmoud Abdelkader said: “Working with sensitive data should not require a trade-off between security and flexibility.
“VGS is doing for data what credit cards and digital payments did for money: we have de-risked the ability to exchange the value of data, without compromising either functionality or security.
“Our customers can do more with their data and consistently get to market faster than those who are forced to do the heavy lifting of building and maintaining compliant infrastructure themselves.”
Vertex US general partner Jonathan Heiliger said: “We believe VGS is uniquely positioned with the only ‘Zero Data’ platform, making it possible for enterprises to transact with sensitive data without the liability of securing it.
“By encrypting and tokenizing sensitive data, VGS not only eliminates the risk associated with data, but the service also increases its utility by activating and presenting it on a network.
“Network participants, who are clients on the VGS platform, transact with each other using aliased or tokenized data.”
