{"id":19534,"date":"2020-07-04T07:37:06","date_gmt":"2020-07-04T07:37:06","guid":{"rendered":"https:\/\/rbsitsoftwaresolution.com\/blog\/vendia-raises-5-1m-for-its-multicloud-serverless-platform.html"},"modified":"2020-07-04T07:37:06","modified_gmt":"2020-07-04T07:37:06","slug":"vendia-raises-5-1m-for-its-multicloud-serverless-platform","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/vendia-raises-5-1m-for-its-multicloud-serverless-platform.html","title":{"rendered":"Vendia raises $5.1M for its multicloud serverless platform"},"content":{"rendered":"

When the inventor of AWS Lambda, Tim Wagner, and the former head of blockchain at AWS, Shruthi Rao, co-found a startup, it\u2019s probably worth paying attention. Vendia<\/a>, as the new venture is called, combines the best of serverless and blockchain to help build a truly multicloud serverless platform for better data and code sharing.<\/p>\n

Today, the Vendia team announced that it has raised a $5.1 million seed funding round, led by Neotribe\u2019s Swaroop \u2018Kittu\u2019 Kolluri. Correlation Ventures, <\/a> WestWave Capital, HWVP, Firebolt Ventures, Floodgate and FuturePerfect Ventures also participated in this oversubscribed round.<\/p>\n

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Image Credits:<\/strong> Vendia<\/p>\n

Seeing Wagner at the helm of a blockchain-centric startup isn\u2019t exactly a surprise. After building Lambda at AWS, he spent some time as VP of engineering at Coinbase, where he left about a year ago to build Vendia.<\/p>\n

\u201cOne day, Coinbase approached me and said, \u2018Hey, maybe we could do for the financial system what you\u2019ve been doing over there for the cloud system,’\u201d he told me. \u201cAnd so I got interested in that. We had some conversations. I ended up going to Coinbase and spent a little over a year there as the VP of Engineering, helping them to set the stage for some of that platform work and tripling the size of the team.\u201d He noted that Coinbase may be one of the few companies where distributed ledgers are actually mission-critical to their business, yet even Coinbase had a hard time scaling its Ethereum fleet, for example, and there was no cloud-based service available to help it do so.<\/p>\n

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Tim Wagner, Vendia co-founder and CEO. Image Credits:<\/strong> Vendia<\/p>\n

\u201cThe thing that came to me as I was working there was why don\u2019t we bring these two things together? Nobody\u2019s thinking about how would you build a distributed ledger or blockchain as if it were a cloud service, with all the things that we\u2019ve learned over the course of the last 10 years building out the public cloud and learning how to do it at scale,\u201d he said.<\/p>\n

Wagner then joined forces with Rao, who spent a lot of time in her role at AWS talking to blockchain customers. One thing she noticed was that while it makes a lot of sense to use blockchain to establish trust in a public setting, that\u2019s really not an issue for enterprise.<\/p>\n

\u201cAfter the 500th customer, it started to make sense,\u201d she said. \u201cThese customers had made quite a bit of investment in IoT and edge devices. They were gathering massive amounts of data. They also made investments on the other side, with AI and ML and analytics. And they said, \u2018Well, there\u2019s a lot of data and I want to push all of this data through these intelligent systems. I need a mechanism to get this data.’\u201d But the majority of that data often comes from third-party services. At the same time, most blockchain proof of concepts weren\u2019t moving into any real production usage because the process was often far too complex, especially enterprises that maybe wanted to connect their systems to those of their partners.<\/p>\n

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Shruthi Rao, Vendia co-founder and CBO. Image Credits:<\/strong> Vendia<\/p>\n

\u201cWe are asking these partners to spin up Kubernetes clusters and install blockchain nodes. Why is that? That\u2019s because for blockchain to bring trust into a system to ensure trust, you have to own your own data. And to own your own data, you need your own node. So we\u2019re solving fundamentally the wrong problem,\u201d she explained.<\/p>\n

The first product Vendia is bringing to market is Vendia Share, a way for businesses to share data with partners (and across clouds) in real-time, all without giving up control over that data. As Wagner noted, businesses often want to share large data sets but they also want to ensure they can control who has access to that data. For those users, Vendia is essentially a virtual data lake with provenance tracking and tamper-proofing built in.<\/p>\n

The company, which mostly raised this round after the coronavirus pandemic took hold in the U.S., is already working with a couple of design partners in multiple industries to test out its ideas, and plans to use the new funding to expand its engineering team to build out its tools.<\/p>\n

\u201cAt Neotribe Ventures, <\/a> we invest in breakthrough technologies that stretch the imagination and partner with companies that have category creation potential built upon a deep-tech platform,\u201d said Neotribe founder and managing director Kolluri. \u201cWhen we heard the Vendia story, it was a no-brainer for us. The size of the market for multiparty, multicloud data and code aggregation is enormous and only grows larger as companies capture every last bit of data. Vendia\u2019s 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\u2019s backgrounds, we know we\u2019ve found an ideal \u2018Founder fit\u2019 to solve this problem! We are very excited to be the lead investors and be a part of their journey.\u201d<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/blFOtrJKq7M\/<\/p>","protected":false},"excerpt":{"rendered":"

When the inventor of AWS Lambda, Tim Wagner, and the former head of blockchain at AWS, Shruthi Rao, co-found a startup, it\u2019s probably worth paying attention. Vendia, as the new <\/p>\n","protected":false},"author":1,"featured_media":19535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-19534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t