5 years ago

New Vector Secures €4.1 Million from Automattic for Decentralized Communication Ecosystem

  • New Vector, a UK-based company behind open-source communication solutions like Riot and Modular, has raised €4.1 million from Automattic Inc

  • This investment will be used to improve Riot's user experience and expand Modular, New Vector's SaaS offering

  • New Vector previously raised €7.7 million in 2019 from Notion Capital, firstminute capital, and Dawn Capital, bringing its total funding to €16.4 million

  • The company's mission is to enable secure, decentralized communication through the Matrix network, which has a strong presence in governments and organizations like the French government and Mozilla.

      • ProblemTechnology

      "making communication more secure and decentralized, giving users more control over their data and how they communicate."

      Solution

      "building a decentralized communication ecosystem called Matrix, which allows users to run their own secure communication infrastructure and connect with others through a global network. They have developed Riot, a Matrix-based messaging app, and Modular, a Matrix-based hosting platform."

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