New Vector today announces £7m of new funding to accelerate growth of its commercial services and ongoing development of the Matrix protocol, to make it the natural successor to today’s instant messaging services.
The Matrix protocol is an open standard that supports a secure and decentralised global communications network. It allows users to collaborate securely via interoperable instant messaging and VoIP applications while retaining ownership and control of their data.
For businesses and consumers, it provides a genuine alternative to centralised proprietary services such as Slack and WhatsApp. With Matrix, users choose who they trust to host their communications data while still participating in the larger network.
New Vector was founded by the creators of Matrix to support development of the protocol and is now the leading provider of commercial Matrix services and applications. The team have developed Riot.IM, the flagship client for secure collaboration on the Matrix network, and provide the leading Matrix hosting platform.
New Vector’s services have seen swift adoption among governments and organisations who take their privacy seriously. The French Government have chosen Matrix as their official communications platform and have worked with New Vector to roll it out across all 16 ministries to 5.5 million users. New Vector are also working with US Government departments, as well as the NHS, Mozilla and other high profile public sector organisations and enterprises.
Today’s £7m Series A investment follows £4m in 2018, which New Vector used to deliver over 400% growth in Daily Active Users. New Vector expects to see a similar leap forward with this new injection of capital, targeting businesses and governments globally. The funding will be used to scale the hosting platform,enhance the Riot application and further improve Matrix as an open protocol and network for the benefit of all.
New Vector CEO and Matrix Co-founder Matthew Hodgson said: “Ensuring there are Matrix apps out there which provide a credible alternative to Slack and WhatsApp will make it the natural successor to today’s instant messaging applications. New funding will allow New Vector to keep investing in Matrix products and services that will fuel growth of the network.”