A more secure messaging system is on its way.
This story requires our BI Prime membership. To read the full article,The London-based startup New Vector raised $8.5 million to further expand its secure, decentralized messaging system Matrix.
New Vector has clients such as the French government and the UK's National Health Service on board already and wants to challenge WhatsApp, Slack, and Telegram. A London-based startup is trying to decentralize communication in the same way blockchain has attempted to decentralize finance. The startup, founded in 2017, received the funding from Notion Capital, Dawn Capital, and Firstminute Capital, having previously raised a $5 million seed round in January 2018.
Under New Vector's decentralized system, users own and control the data they transmit — unlike in a traditional centralized system in which an organization like Facebook owns user data. The startup says this makes the product more secure and less susceptible to privacy concerns.
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