TokenEx, a cloud tokenization vendor, has landed $100 million in a Series B funding round, which will be allocated toward strengthening its anti-data breach cloud tokenization platform, according to VentureBeat.
Organizations could leverage TokenEx's platform to facilitate secure data transmission and storage through token exchanges without the need for on-site system data storage.
"TokenEx collects data via API calls or managed file transfers before it enters an organization's internal systems and then exchanges that sensitive data for nonsensitive data called 'tokens.' These tokens can be sent to any API endpoint, creating a layer of abstraction that safeguards against cyberattacks, while also increasing freedom, control, and interoperability for its customers," said TokenEx founder and CEO Alex Pezold.
Despite stiff competition, TokenEx enables increased tokenization flexibility rather than other secure payment providers, according to Pezold.
"While these companies typically specialize in either payments or privacy, TokenEx offers solutions for both with its ability to tokenize any structured data set," he added.