BMW i Ventures was among the investors to join Vendia’s series A funding round for its serverless SaaS (software as a service) blockchain solution, which raised $15.5 million (£11.2m) and brought their total funds raised to $20.6m (£15m).
The investment was led by Canvas Ventures, with participation from BMW i Ventures and Sorenson Ventures, who joined earlier seed round investors such as Neotribe Ventures, WestWave Capital, Firebolt Ventures, and more.
Vendia is promising to offer a SaaS with decentralised data sharing. Instead of focusing on the blockchain aspect, Vendia is fixated on providing the ability for multiple companies to share data across clouds and platforms. The emphasis is on leveraging public clouds to enable speed, scalability, and resilience.
“[Vendia calls this] the dispersed data problem – companies process more and more data with every passing year, but sharing that data effectively, and with appropriate control, is actually getting harder over time. Legacy solutions, like EDI and sFTP can take days to share and reconcile…a hopelessly long time in a world where end user attention spans are measured in mere seconds,” said Vendia co-founders, Tim Wagner and Shruthi Rao.
The startup believes it can circumnavigate the issue of blockchains like Ethereum and Fabric, which run on a single server for each user, by using a serverless architecture. The company hopes to bring ‘unlimited compute power, memory, storage space, and networking’ alongside tens of thousands of transactions per second. Because charging is based on transactions, less activity will result in lower costs.
Vendia’s ambitious goals have captured the interest of major investors. “Fortune 500 companies are struggling to share data across internal siloes, let alone share data securely. After scouring the DataOps landscape, we were impressed by Vendia’s turn-key data-sharing solution, enabling organizations to share data immutably at scale—with just a few lines of code,” said Grace Isford of Canvas Ventures.