San Francisco, July 01, 2020 (GLOBE NEWSWIRE) -- Vendia, a multi-cloud serverless platform for sharing distributed data in real time, has 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 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.
Vendia’s initial product offering, 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. 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 simple to use and incremental to deploy, Vendia brings together serverless ease-of-use with the decentralization benefits of blockchain and distributed ledgers, allowing enterprise IT to access and manage data easily, securely, and at scale, no matter where it resides.
“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,” said Shruthi Rao, Chief Business Officer and Co-Founder, Vendia. “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.”
Swaroop 'Kittu' Kolluri, Founder and Managing Director of Neotribe and lead investor for Vendia said, "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."
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:
"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,” said Ussama Baggili, Managing Director at Slalom. “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.”
Watch CEO and Co-founder Tim Wagner’s AWS Serverless Community Day keynote, Serverless: Past, Present, and Future, for his perspective on the serverless movement and a preview of Vendia. Read the blog post to learn more about Vendia’s vision for scaling distributed, ledger-based applications with serverless. To sign up for early access to Vendia today, visit www.vendia.net.
About Vendia
Vendia is a multicloud serverless development platform that enables customers to share data and code in real time across multiple clouds and companies. Vendia was founded by Dr. Tim Wagner, formerly General Manager and creator of Lambda at AWS, and Shruthi Rao, formerly Head of Business Development for Amazon Managed Blockchain at AWS. The company is based in San Francisco and has raised $5.1M seed capital, led by Neotribe's Swaroop ‘Kittu’ Kolluri, with participation from Correlation Ventures, Westwave Capital, Hummer Winblad Venture Partners, Firebolt Ventures, Floodgate, and Future\Perfect Ventures. To learn more about Vendia or to sign up for preview access please visit www.vendia.net.
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