New Vector, creators of Matrix, a new open, secure and decentralized communication standard, today announced new funding of $ 8.5 million to accelerate the growth of its business services and the continued development of the Matrix protocol.
The Series A investment came from corporate tech specialists Notion Capital, Dawn and firstminute.
The Matrix protocol supports an interoperable global communications network, allowing users to collaborate securely through end-to-end encrypted messaging apps such as Riot.im, as an alternative to WhatsApp, Telegram, or Slack.
The Matrix network quickly expanded in 2019 to over 11 million users and 40,000 deployments and is used by the French government, the US government, Wikimedia, KDE, RedHat, and others.
Today’s $ 8.5 million Series A follows on from $ 5 million raised in 2018, which New Vector used to generate over 400% growth in daily active users.
New Vector expects a similar leap forward with this new injection of capital, targeting businesses and governments around the world.
With today’s new funding, New Vector’s priorities will be:
- A whole new wave of UX improvements from Riot
- Make modular hosting as refined and powerful as possible.
- Creating a whole new set of next-generation modular integrations.
For the Matrix protocol, New Vector will continue to support the development and specification of the most critical features, such as:
- Enable end-to-end encryption by default for private conversations
- Better support for grouping rooms into communities
- More anti-abuse / anti-spam mechanisms
- Narrowing of the synapse
- Canonical DM
- Extendable profiles
- Decentralized accounts
- Continue development on P2P Matrix, so that users can have full control of their communications without having to run or trust a server.
“Ensuring that there are Matrix apps that provide a credible alternative to Slack and WhatsApp will make them the natural successor to today’s instant messaging apps. New funding will allow New Vector to continue investing in Matrix products and services that will fuel network growth.
– Matthew Hodgson, new CEO of Vector and co-founder of Matrix