TokenEx raises USD 100 mln to boost its data security operations

TokenEx’s plans for its new USD 100 million funding round include growing its product, customer service and account management teams. The startup will also expand its global operations.

TokenEx is working to ease the task of securing financial information. The startup provides a cloud service that uses a cybersecurity technique called tokenization to help companies avoid data breaches. According to TokenEx, its cloud service can replace the financial information in a company’s systems with algorithmically-generated files called tokens. Those tokens don’t contain any sensitive data such as credit card numbers. The result, the startup says, is increased security. 

Besides improving cybersecurity, according to siliconangle.com, TokenEx says its service also provides a simplified regulatory compliance to organisations, especially focused on PCI DSS.