Very Good Security (VGS), the modern standard for data security, compliance and custodianship, announced today that it has raised $60 million in Series C funding led by Vertex Ventures US with participation from existing investors, including Andreessen Horowitz (a16z) and Goldman Sachs Growth (GS Growth).
This funding will support VGS’ accelerating growth, as the company more than doubled its customer base in 2020. VGS now processes billions of records of sensitive data, and its data under management has grown more than 10x year-on-year. Companies ranging from the Fortune 100 to innovators like Brex, Deserve, DoNotPay, Fast, and Mercury increasingly leverage VGS’ platform to build features instead of compliance overhead.
VGS has become a layer on top of cloud services to facilitate the secure exchange of sensitive data. For example, banking-as-a-service platform Unit Finance uses VGS to expedite connectivity to payments networks while offloading PCI-DSS complexity. And Fivestars leveraged VGS to build the largest commerce network for local businesses, delivering magical omni-channel loyalty and payments experiences.
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As organizations of all sizes transition to the cloud and face growing compliance and privacy challenges, the need for tailored solutions and services has rapidly increased. VGS has built the only infrastructure platform that simplifies cloud transformation by enabling companies to transfer custodianship while retaining ownership and control over sensitive data. This Zero Data™ approach eliminates the need for companies to store sensitive data within their own systems, streamlining regulatory compliance and certifications, including PCI-DSS, SOC 2, GDPR, HIPAA and more.
From inception, VGS has focused on enabling companies to achieve their business objectives by expediting connectivity and overcoming compliance obstacles. In addition to scaling its platform to support customer growth, VGS is developing several new capabilities to further automate compliance controls, delivering compounding efficiencies of scale to customers on its platform.
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