American-Ukrainian Very Good Security raises $35M from Goldman Sachs
Very Good Security, which specializes in cybersecurity, raised a $35 million Series B funding round. The investors were Goldman Sachs with the participation of Andreessen Horowitz and Vertex Ventures. This information was reported to AIN.UA by Oleksandr Dyatlov, General Manager of the company.
The valuation of the company is not disclosed. The total amount of investments raised is $43.5 million. Very Good Security plans to spend the investments towards scaling up the business.
“Series B will help the company to increase its team in Ukraine and the U.S., actively expand its business in the enterprise segment and scale all processes to support the active growth of the company,” said Dyatlov.
What is Very Good Security
Very Good Security is working on a SaaS solution that allows companies to collect, protect, and exchange sensitive data with no risk. That is, the VGS platform allows companies to apply the Zero Data approach, when they may not store sensitive data on their servers. VGS is responsible for their secure collection and exchange with the required services.
“The uniqueness of VGS is that the company allows its customers to use sensitive data without seeing or storing them. It is a win-win for both VGS customers and end-users,” says Alex Rampell, partner at Andreessen Horowitz.
Currently, VGS customers are Brex, Travel Bank, Deserve, Fivestars, LendUp, and others.
“Data leakage is one of the biggest reputational cybersecurity risks businesses facing today. Data protection is usually an expensive and complex process,” says David Campbell, Managing Director of Goldman Sachs’ Merchant Banking Division.
The VGS solution completely changes the approach to data protection by removing sensitive data from the company’s servers. This makes it much easier for companies to implement new solutions and maintain their security. This reduces the time and cost of securing the data.
Brief history of the company
The company was founded in 2016 by Mahmoud Abdelkader and Marshall Jones in San Francisco. That same year, the first office in Lviv was opened, headed by Oleg Sklyarenko and Kristina Monets. Soon another one was opened in Kyiv.
Currently, the company employs more than 80 people, including more than 50 in Ukraine. These are specialists in all positions, including top management, engineers, sales managers, marketers, and HR specialists.