- Vendia, a multi-cloud serverless platform for sharing distributed data in real-time, announced it raised $5.1 million in funding
Vendia — a multi-cloud serverless platform for sharing distributed data in real-time — announced an oversubscribed seed investment round of $5.1 million led by Neotribe’s Swaroop ‘Kittu’ Kolluri and with participation from Correlation Ventures, WestWave Capital, HWVP, Firebolt Ventures, Floodgate and Future\Perfect Ventures. Vendia was originally founded by Dr. Tim Wagner (inventor of the Serverless movement and creator of AWS Lambda) and Shruthi Rao (former Head of BD for Blockchain at AWS).
And Vendia’s initial product offering called Share targets AI/ML, supply chain, and data analytics use cases by helping enterprise IT address the challenges of working with distributed data and code that span companies, cloud providers, and technology stacks. And users can easily create distributed multi-party applications from a schema so no coding skills are required to get started while scaling to hundreds of thousands of transactions effortlessly.
Designed to be easy to use and incremental to deploy, Vendia brings together serverless ease-of-use with the decentralization benefits of blockchain and distributed ledgers thus allowing enterprise IT to access and manage data easily, securely, and at a scale no matter where it resides.
Vendia is working with early design partners in Automotive, Supply Chain Management, and Manufacturing as well as Solutions Integrators and resellers like Slalom and Trek10 who have reported a 93% cost savings as compared to legacy blockchain and ledger solutions.
“Over 80% of business data now lives outside a company’s four walls, and the complexity in managing this data is only exacerbated by emerging Edge, IoT, and digital transformation efforts. Despite their early promise, blockchains turned out to be expensive, complex, inflexible, and unable to scale. We saw the opportunity to bring the best of serverless and blockchain concepts together in a secure, decentralized, and efficient way, helping companies share data and code with fine-grained governance controls, all in real-time.”
-Shruthi Rao, Chief Business Officer and Co-Founder at Vendia
“At Neotribe Ventures, we invest in breakthrough technologies that stretch the imagination and partner with companies that have category creation potential built upon a deep-tech platform. When we heard the Vendia story, it was a no brainer for us. The size of the market for multi-party, multi-cloud data, and code aggregation is enormous and only grows larger as companies capture every last bit of data. Vendia’s Serverless-based technology offers benefits such as ease of experimentation, no operational heavy lifting, and a pay-as-you-go pricing model, making it both very consumable and highly disruptive. Given both Tim and Shruthi’s backgrounds, we know we’ve found the ideal “Founder/ Market fit” to solve this problem! We are very excited to be the lead investors and be a part of their journey.”
-Swaroop ‘Kittu’ Kolluri, Founder and Managing Director of Neotribe and lead investor for Vendia
“We have used a number of blockchain frameworks from various providers to help our customers solve the multi-party and cross-cloud data sharing problem. But implementing these frameworks are complex and the cost challenges of creating distributed multi-party solutions for B2B and B2C clients can be staggering. We are very excited to be partnering with Vendia because their platform is several steps ahead in the distributed app development space, and they’ve directly addressed complexity and cost challenges. They have solved for multi-party, cross-cloud and cross-account real-time data sharing, which gives us the foundation we need to build reliable distributed solutions for our clients in record time.”
-Ussama Baggili, Managing Director at Slalom