BMW’s strategic arm, BMW i Ventures, announced a new investment today, this time in a company focused on changing the way corporations share data. Vendia is a new company which has developed a serverless distributed data and code sharing platform, looking to disrupt the way enterprises share data. According to BMW, the innovative platform created by Vendia offers a secure way for corporations to share vast amounts of data.
The big advantage of Vendia is that it also offers fine-tuned controls for the corporations to handle the data while also maintaining a single source of truth for the data across all parties. “The automotive industry relies heavily on partners for flawless execution, and a shared view of data between partners is critical to respond to market changes – such as Covid,” said Kasper Sage, partner at BMW i Ventures.
“We believe that Vendia’s data-sharing platform will disrupt the way enterprises share data and collaborate with one another. The beauty of Vendia’s technology is that it combines the scalability of serverless computing with the security of distributed ledger technology. This means enterprises can build a data exchange system that scales with whatever project they are working on while ensuring full control over their data and who can access it at any point in time. Vendia is the next generation of data exchange and collaboration across corporate partners,” Sage added.
The company was founded by Tim Wagner who was the man behind AWS Lambda along with Shruthi Rao, the former head of business development at Amazon Managed Blockchain. “Developers have struggled to build applications that can span multiple regions and accounts and that can keep large volumes of data consistent, versioned, and well governed over time,” said Tim Wagner, CEO and co-founder of Vendia. “With this latest round, we’re looking forward to accelerating the development of the Vendia platform and growing our engineering team to give developers and customers an effortless way to share data across multiple parties with governance and a single source of truth.”