Cybersecurity start-up VST Enterprises bags £11.4m
Manchester-based company will use funding to acquire new talent and roll out to new global territories
VST Enterprises, a Manchester-based cybersecurity firm, has raised £11.4m funding from a collection of private investors including Chris Lightbody,Guy Weaver and Humberto de Armas.
Founded in 2013, VST Enterprises is the developer of scannable code technology VCode®, which allows genuine users to authenticate themselves and/ or a product during online financial transactions and interactions.
It is used to protect against fraud in document verification, authenticity checks on apparel and identity and interactive charitable giving transactions across the UK, Europe, North America, Asia and the Middle East. The company has offices in New Delhi, Hyderabad and Singapore.
The funding will be used to invest in talent acquisition and explore new global opportunities including the roll out of VCode® technology to verify benefits internationally. Talks are currently underway with officials in India, Africa, Russia, Latin America and Central America, while joint ventures in sectors such as logistics, art, broadcasting, media, ticketing and travel are set to finalise throughout April and May.
Louis-James Davis, CEO of VST Enterprises, said: “VST Enterprises has come a long way in the last year, and the investment we have received will make the business prosper, enabling the founders to realise our vision, using VCode® Technology to solve growing and ever more complex cybersecurity issues such as ID theft and counterfeiting of digital assets across sectors, channels and geographies.”
Lightbody commented: “VST Enterprises prides itself on offering infinite possibilities through simple secure, ubiquitous technology. I was proud to offer capital to help the company realise this vision, and to assist them in reaching the right contacts and sectors which is now happening at pace.”