New Vector, a Franco-British startup whose founders are behind the decentralized and open source instant messaging protocol Matrix (from which the private messaging Tchap reserved for French government services is derived), raised $ 8.5 million in series A from Notion Capital, Dawn Capital and Firstminute. This funding follows a $ 5 million fundraising round completed in 2018 that was expected to allow New Vector to significantly increase its daily user base.
Launched in July 2017 by Amandine Le Pape and Matthew Hodgson, New Vector provides applications and services to support the adoption of the Matrix protocol. The purpose of this is, by setting up a global interoperable communication network, to offer users an alternative to WhatsApp, Telegram and Slack with Riot end-to-end encrypted messaging. According to the company, the Matrix network now has more than 11 million users. In addition to the French government, it is also used by the American government, Wikimedia, KDE or even RedHat.
This fundraising should allow the startup to accelerate the development of Matrix by targeting other governments around the world and to strengthen its commercial pole. It should be used to improve the Riot app.
Founders: Amandine Le Pape and Matthew Hodgson
The head office: London
Sector: computer science
Market: provider of applications and services to support adoption of the Matrix protocol
Funding: $ 8.5 million in Series A as of October 2019 from Notion Capital, Dawn Capital and Firstminute.