Vendia announces Series B funding
We've raised $30M in series B funding to usher in the web3 era with our next-gen blockchain technology
Today we're excited to announce the latest milestone for Vendia. We've raised an additional $30M in Series B funding led by NewView Capital – with new investment from the Neythri Futures Fund, Operator Partners, and Lux Capital. The funding also includes additional investment from Neotribe Ventures, Aspenwood Ventures, Sorenson Capital, Canvas Ventures, and BMW iVentures. This latest round brings our total funding to $50M, and it will help us grow our internal teams, invest in our go-to-market engine, as well as scale partnerships and new areas of compliance certifications.
When we started Vendia in 2020, our mission was to make it seamless for businesses to share code and data across applications, data stores, clouds, geographies, tech stacks, and even companies in an efficient and scalable way that wouldn't break the bank. Since then we have seen the need for next-gen blockchain skyrocket. With a myriad of challenges related to data silos across companies and partners, supply chain tracking, and financial transactions – organizations are desperate to manage the increasing volume of real-time data in new, innovative ways. And while some companies turn to traditional blockchain solutions, they quickly discover that first-gen solutions lack the performance, scalability, and integration needed to address these real-world problems.
By combining the trust and decentralization of first-gen chains with the speed, scale, and affordability of serverless cloud computing, Vendia provides next-generation blockchain for businesses that need to share real-time data with anyone, across any cloud, at massive scale. Since our last funding round, we've worked hard to help customers accelerate time to market with a no-code UX for data modeling and share across more boundaries by introducing Azure support. Plus, we made it easy for developers to use Smart Contracts, without having to build or run the eventing infrastructure.
Since we started Vendia two years ago, the demand for this perfect marriage of blockchain and serverless cloud computing for the web3 world has only increased, and we've seen that demand reflected in Vendia's rapid customer and revenue growth. In the last 12 months alone, more than half of our customers replaced a failed blockchain project with Vendia and as a company Vendia has experienced 16X growth in annual recurring revenue and a 550% increase in new customers.
“Companies across all industries are struggling to manage and share business-critical data in a secure and scalable way that also allows for a single, shared platform across partners," said Ben Fu, Partner at NewView Capital. “The market need for next-gen blockchain solutions like Vendia is undeniable, and we were instantly impressed with the power of the product and Tim and Shruthi's deep experience building cloud-scale platforms. We couldn't be more excited to be a part of their journey."
Unlike companies created solely for data analytics workloads, Vendia is designed for operational, real-time data sharing. From enabling airlines to give customers the best itineraries at the best price all in real-time to mending the global supply chain crisis, leading companies are using Vendia for a variety of business use cases. With Vendia, organizations like BMW and Slalom have a single source of truth for multi-cloud, multi-party data sharing while also allowing for high throughput transaction processing at scale.
"Next-gen blockchains like Vendia represent a powerful way to solve age-old supply chain challenges," said David Bettenhausen, CEO at Aerotrax Technologies. “When connecting partners across the Aviation, Aerospace, and Defense supply chain, trust in accurate and verifiable data is paramount. The ability to deliver this trust at scale – with top-notch security and real-time data sharing in a cost-effective way – has made Vendia a critical component within our technology stack. With Vendia, we've been able to reinvent our business model to accommodate a frictionless customer onboarding experience and significantly reduced sales cycles."
We are thrilled about where Vendia is heading and how we are supporting enterprise companies across industries to scale their businesses in the web3 era. To learn more and get started, visit us at Vendia.net.