The Paypers has spoken with Louis-James Davis, the CEO of VST Enterprises, to find out more about the global startup and the idea behind their solutions, VCode and the VPlatform
Could you give us some background on VST Enterprises, the idea that triggered the foundation of the company and the problems in the industry it is striving to solve?
Founded in 2012 by Louis-James Davis, VST Enterprises started with their headquarters in Manchester (UK). It also has presence in Europe and North America, Asia and the Middle East with offices in Latin America, Australia, New Delhi, Hyderabad, Hong Kong and Singapore with the latest new incorporations based in Africa and Armenia.
The startup was initially centred around the development of the VPlatform. The founder aimed to create a secure and dynamic way to deliver personalised content to smart devices. Furthermore, the platform technology was capable also of processing transactions and ensuring traceability with the help of a unique identifier, VCode. Since then, the combined solutions have constantly evolved and the platform has been awarded the European Commission Seal of Excellence for its anti-counterfeit and traceability functionality. The solutions that can interact with the VCode App are set to help governments and businesses worldwide combat fraud, counterfeit and piracy, and secure a wide variety of data and financial transactions with the wave of a mobile device.
Your latest technologies are set to bring the online and offline identity market to new possibilities, working as an identity (Passport, Medical Info), virtual tour and more. What is the idea behind the technology and how does it work on the different sectors?
A VCode is a personal dynamic unique identifier. The VPlatform can deliver secure ID documentation, biometric scans, and changes every 5 seconds so the ID of the user can’t be used by a fraudster by taking a picture of the code.
The VCode app is capable of securing a wide variety of transactions. It can be used as an anti-counterfeit measure, where a VCode can be printed onto secure packaging or directly onto a product, enabling it to be verified as genuine throughout the supply chain and by the consumer themselves. From the new office in Africa, the same functionality is set to combat the supply of conflict minerals. Also, the app can be used as an electronic benefit payment method. It is based on a combination of security protocols that verify the authenticity of the transaction rather than PINs, which can be stolen, sold or guessed, and can increase security and lower the cost of electronic benefit transfer. Starting with 2017, VST Enterprises has secured a business partnership to deliver this functionality in India.
The technology can also be used for many other digital transactions, from document verification, to authenticity checks on apparel and identity, and interactive charitable giving payments.
After raising funds from 80+ private investors over the past year, could you share on what solutions you plan to focus via these funds, or on which geographical markets do you plan to focus?
VST Enterprises aligns its strategy to the most pressing issues facing each country it is present in. From VST Enterprises’ new office in Hong Kong, the VCode app is set to combat the supply of counterfeit goods. From the new office in Africa, it will reduce the circulation of counterfeit minerals, formalise national ID and help with tax and excise.
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 last investment raise will be used to assist the teams in Hong Kong, South Africa and Armenia with operational and business development specialists. In the meantime, we are investing in some other tech startups down the line and raising another funding series.
How do you visualize the future of your company?
The combined VSTE technologies have infinite possibilities, and evolve with the launch of every new generation of smart mobile device. Because of its range of applications and flexibility, the app is set to be used around the world. VST Enterprises is already working with governments globally to identify where VCode is most urgently required, and to build a bespoke solution to solve their most pressing cybersecurity concerns.
In the consumer market, expect to see VCode everywhere soon; on billboards and print adverts, apparel, luxury goods, event and transport tickets.