Blockchain-based data-sharing platform Vendia raises $30M

Blockchain-based data-sharing platform Vendia raises $30M

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Vendia Inc., an enterprise data-sharing platform that uses blockchain technology, said today that it has raised $30 million in new funding led by NewView Capital.

The Series B investment brings the total funding raised by Vendia to $50 million. Neotribe Ventures, Aspenwood Ventures, Sorenson Capital, Canvas Ventures and BMW iVentures also participated in the round.

Vendia gets its name from “Venn diagram,” which is a chart representing two overlapping circles, and the shared space between the two circles. The company launched its service in 2020 with the goal to make it seamless for businesses to share code and data across data stores, applications, clouds and between companies in an efficient way that was both scalable and cost-effective.

To do this, Vendia’s co-founders, Tim Wagner (pictured, left) and Shruthi Rao (right) looked to blockchain technology to provide the trust and security for real-time data sharing between separate parties at a massive scale.

Vendia’s model doesn’t look to traditional data analytics and data sharing, but it uses the power of blockchain technology to assist with supply chains and operational real-time data. It enables customers to share data safely and securely for supply chains, invoicing, itineraries, shipping manifests and more.

Since its launch, the company has picked up notable, large-scale partners such as car manufacturer BMW and travel and hospitality firm Slalom. BMW used the blockchain data-sharing platform to address issues in the company’s supply chain in order to reduce overall costs in the end-to-end automotive build process. Slalom integrated the platform to help travel and hospitality clients explore traceability use cases for booking travel and hotels using a shared single point of truth.

“Next-gen blockchains like Vendia represent a powerful way to solve age-old supply chain challenges,” said David Bettenhausen, chief executive at Aerotrax Technologies, an aircraft supply chain software company. “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.”

According to Vendia, during the past two years, serverless cloud computing demand for blockchain technology has increased and with it so has its customer and revenue growth. In the past year, the company has seen a 550% increase in new customers alongside a 16-times increase in annual recurring revenue, though it didn’t reveal absolute numbers.

Since the company’s last funding round in February 2021, Vendia has introduced new support for Microsoft Azure cloud in addition to the platform’s current support for Amazon Web Services. The company also plans to launch support for Google Cloud Platform in the future. Vendia also launched a no-code interface so that developers and business users can quickly model and share data with even fewer boundaries than before without the need for advanced technical skills.

Wagner and Rao spoke about the power of blockchain technology and Vendia’s data-sharing platform on SiliconANGLE’s video studio theCUBE in July:

Photos: Vendia

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