Very Good Security (VGS), a US-based data security software provider backed by financial services firm Visa, secured $60m on Friday in a series C round led by venture capital firm Vertex Ventures US.
The round also featured VC firm Andreessen Horowitz and investment bank Goldman Sachs, which participated through its Growth fund. Visa had supplied an undisclosed amount for the company in January this year.
VGS is the developer of a software platform called Zero Data, which helps organisations work with sensitive data without needing to come into contact with the original data themselves. It said it more than doubled its customer base over the course of this year.
Vertex Ventures, Nyca Ventures, Slow Ventures and Max Levchin provided $8.5m for the company through a 2018 series A round that took its total funding to $9.9m. They all returned for a $35m series B in October 2019 that was led by Goldman Sachs.
Mahmoud Abdelkader, co-founder and chief executive of VGS, said: “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.”