New Vector raises $8.5M to fuel adoption of Matrix, the open standard for secure, decentralised communication
- New Vector provides applications and services to support adoption of Matrix, the leading open standard for decentralised, secure communication
- The Matrix protocol supports a global interoperable communications network, enabling users to collaborate securely via end-to-end encrypted messaging applications such as Riot.IM, as an alternative to WhatsApp, Telegram or Slack
- The Matrix network has expanded rapidly during 2019 to more than 11M users and 40k deployments and is being used by French Government, US Government, Wikimedia, KDE, RedHat and more
- Investment from enterprise tech specialists: Notion Capital, Dawn and firstminute
- $8.5m Series A funding will support acceleration of Matrix development and the growth of commercial services at New Vector
New Vector today announces $8.5M of new funding to accelerate growth of its commercial services and ongoing development of the Matrix protocol, to make it the natural successor to today’s instant messaging services.
The Matrix protocol is an open standard that supports a secure and decentralised global communications network. It allows users to collaborate securely via interoperable instant messaging and VoIP applications while retaining ownership and control of their data. For businesses and consumers, it provides a genuine alternative to centralised proprietary services such as Slack and WhatsApp. With Matrix, users choose who they trust to host their communications data while still participating in the larger network.
New Vector was founded by the creators of Matrix to support development of the protocol and is now the leading provider of commercial Matrix services and applications. The team have developed Riot.IM, the flagship client for secure collaboration on the Matrix network, and provide the leading Matrix hosting platform.
New Vector’s services have seen swift adoption among governments and organisations who take their privacy seriously. The French Government have chosen Matrix as their official communications platform and have worked with New Vector to roll it out across all 16 ministries to 5.5M users. New Vector are also working with US Government departments, as well as the NHS, Mozilla and other high profile public sector organisations and enterprises.
Today’s $8.5m Series A investment follows $5M in 2018, which New Vector used to deliver over 400% growth in Daily Active Users. New Vector expects to see a similar leap forward with this new injection of capital, targeting businesses and governments globally. The funding will be used to scale the hosting platform, enhance the Riot application and further improve Matrix as an open protocol and network for the benefit of all.
New Vector CEO and Matrix Co-founder Matthew Hodgson believes this is a catalyst for further adoption:
“Ensuring there are Matrix apps out there which provide a credible alternative to Slack and WhatsApp will make it the natural successor to today’s instant messaging applications. New funding will allow New Vector to keep investing in Matrix products and services that will fuel growth of the network.”
Jos White, Partner at Notion Capital said:
“With a digital platform that was both open and independent, the Internet heralded an exciting new era in communications. And yet over the last few years it feels like we have gone backwards with communication platforms like Slack and WhatsApp that are walled gardens where users have very understandable concerns over whether their data is secure and how it is being used.”
“At last the market has an alternative with the New Vector services that are based off the Matrix protocol offering open standards and delivering complete data ownership and security. It feels like the full power and promise of the Internet is being returned to its rightful place – the user – and we couldn’t be more excited about the potential for this exceptional team.”
Henry Mason, Principal at Dawn Capital, said:
“Historically, organisations have had to balance their desire to embrace consumer-grade apps against concerns over security and compliance. For instant messaging, New Vector offers a compelling alternative: the Matrix code base is open for anyone to inspect, and organisations can retain full ownership and control of their data. With this funding New Vector can capitalise on the significant inbound interest already received from governments and security-conscious enterprises.”
Brent Hoberman, Co-Founder & General Partner at firstminute capital and former Co-Founder & CEO of lastminute.com said:
“Slack and WhatsApp have shown just how important instant messaging is for workplace productivity, but combining this convenience with total sovereignty and security over data is more valuable than ever.”
“The French Government has already deployed New Vector’s apps, with other governments and large corporates currently being onboarded. The US has seen its fair share of successful messaging platforms – we are excited to back the first European-led team in this space since Skype.”
A guide to New Vector, Matrix, Modular and Riot.im
- Matrix is an open-source project, which builds an open global network for decentralised communication. It lets users collaborate securely via end-to-end encrypted IM and VoIP, as an alternative to WhatsApp, Telegram or Slack
- New Vector was founded in 2017 by the original Matrix development team to support development on the project. It is the leading provider of commercial services to support Matrix users.
- Modular is a suite of products from New Vector offering a hosting platform for Matrix home servers and customizable Riot.im clients.
- Riot.im is a browser/ desktop/ mobile collaboration app, developed by New Vector, to access your Matrix instance.