Manchester-based VST Enterprises has attracted £11.4 million in investment after closing its fourth funding round.
The round, which has been open for a year, saw the valuation of shares jump from £225,000 to £2m per one per cent, with a money business valuation of £220m.
The investment came from private investors rather than venture capital firms. CEO Louis-James Davis remains the lead shareholder via LJ Holdings & Investments.
He said: “We are extremely pleased with the investment we have received, and the interest in the company that has gone along with this.
“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.”
The cyber security company now lists 25 shareholders and investment came from various sources, ranging from technology specialists, industry experts and contacts outside of the tech and security industries.
Notable investors include Chris Lightbody, the first to invest in VST Enterprises, Humberto de Armas and FinTech expert Guy Weaver, director at KPMG.
Serial entrepreneur Lightbody said: “When I first met Louis-James, I was instantly impressed with him, his vision and his business.
“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.”
Below: Davis on the importance of office space
The firm’s scannable technology VCode is currently used to verify entitlement to benefits in India, as a method of payment across the UK and to securely deliver bespoke content.
The firm claims the Indian government will save $2billion after implementing the secure fraud prevention system.
VSTE plans to roll out its tech to verify entitlement to benefits internationally as well as counter ID theft and counterfeiting of digital assets across sectors, channels and geographies.
Other forthcoming projects include the deployment of VApparel, which will be used to enable instant payments for fashion while eliminating counterfeit from the clothing supply chain.
Further handpicked joint ventures in key sectors such as logistics, art, broadcasting, media, ticketing and travel are also set to be finalised throughout April and May.