New Vector, a European startup focus on producing open, decentralized communications standards, has raised an $8.5 million in Series A funding round.
The communication product from New Vector called Matrix attracted investors by its drive adoption and the creation of an ecosystem around an alternative messaging protocol.
Launched in 2016 as a rival to Slack, Riot used Matrix to get an open and secure alternative. Consequently, users of Riot could also choose to run the app on their own server to ensure full control of data hosting.
Being advanced, Matri can be integrated into mainstream messaging apps, as well.
“Slack and WhatsApp have proved the vitality of the instant messaging for workplace productivity, but combining this convenience with total sovereignty and security over data is more valuable than ever,” said FirstMinute capital’s Brent Hoberman.
Notion Capital’s Jos White firmly believes that the New Vector service is a perfect alternative to create a communication system securing all data.
New Vector had raised $5M last year as part of its seed funding. The investment made by Ethereum-based secure chat and crypto wallet app called Status.
Matrix is also being supported and promoted by various large international telecom and infrastructure companies.
The growth of New Vector, especially Matrix, is exceptional. In two years, it could attract more than 11M users and seen 40,000 deployments in 2019 alone. Also, it witnessed 400% growth since 2018.
The list of New Vector customers is filled with big business giants and government organizations such as the US government; the French government, Wikimedia, KDE, and many more. With the A series of funding, New Vector is planning to boost up the services and reach out to more government sectors.
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