UK-based cybersecurity company VST Enterprises has raised £11.4 million. The investment was raised from private investors including entrepreneur Chris Lightbody and KPMG director Guy Weaver. The company now has a valuation of £220 million.
VST Enterprises' VCode technology allows users to authenticate themselves in a variety of online transactions. It is currently being used to protect against fraud in many sectors, from document verification, to unattended car park payment systems, end-to-end supply chain management, and interactive charitable giving transactions.
“We are extremely pleased with the investment we have received, and the interest in the company that has gone along with this," said Louis-James Davis, the CEO of VST Enterprises as reported by Tech City News. "We received a lot of interest and had to choose investors wisely, ensuring they all had a lot to give the company in addition to the cost of the shares purchased.”
Davis said that the funding will help the company grow its team and to advance its technology to solve more cybersecurity issues, such as ID theft.
“What attracted me to VST Enterprises is the genuine long-term vision to solve a global security problem," added Weaver. "VCode is not a solution looking for a problem, it’s a real antidote with global capabilities across multiple sectors and channels. The possibilities are huge and this excites me, as an investor but also as an advocate.”
Read more: Tech City News