Very Good Security (VGS), a San Francisco, CA-based data security company, raised $8.5m in Series A funding.
The round was led by Andreessen Horowitz, with participation from NYCA, Vertex Ventures, Slow Ventures and Max Levchin.
The company, which has raised $9.9m in total funding to date, intends to use the funds to further scale its core security product.
Led by Mahmoud Abdelkader, CEO and co-founder, Very Good Security is advancing a core security product which lets companies collect, secure and exchange sensitive data without the risk or liability associated with storing it on their own systems. By reducing or eliminating data security scope, VGS’ customers can achieve compliance certifications (e.g. PCI, SOC2, EI3PA, HIPAA) and accelerate their time to market.
VGS instead collects and stores the sensitive data in its own secure vaults, freeing customers from the costs and liability of building and maintaining their own compliant security systems. When customer applications require sensitive data, VGS identifies that data in transit and swaps it—in real time—for surrogate values that retain the same functionality of the original data.
Integrating VGS requires no changes to existing products or legacy architecture, and the service starts working instantly.
– Flutterwave, a payment technology provider for pan-African commerce;
– Shift Payments, a card issuer that allows users to spend both fiat and digital/cryptocurrencies anywhere major credit cards are accepted;
– Deserve, an analytics-based financial technology company that connects customers to fair credit products; and
– LendUp, a fintech company providing loans and credit products as well as financial education.