BMW invests in next-gen blockchain firm

MANILA: After investing in Vendia's Series A funding round in 2021, BMW, through BMW I Ventures, announced yesterday that it had also invested in the Series B round. Vendia is a premier next-generation blockchain company that combines blockchain with serverless computing to help businesses thrive in the web3 age. Vendia's cutting-edge platform enables businesses to securely transmit massive volumes of data across applications, data stores, clouds, geographies, tech stacks, and partners while preserving a single source of truth for the data across all parties.

Traditionally, businesses have had to rely on multi-party supply chains across different industries, but they have not been given a single source of truth for workloads while maintaining each party's IT independence. This has made it challenging for these companies to guarantee consistent quality from their existing partners while also onboarding new ones.

In a statement, BMW i Ventures Managing Partner Kasper Sage said, “Vendia offers a unique platform solution for businesses that depend on a multitude of partners, providing them with the ability to onboard partners swiftly, and enabling them to share data with full control and confidence that such data would not be overwritten or manipulated. This applies to the automotive sector in particular, and we’re excited to continue working with Vendia as they usher in the next generation of blockchain to facilitate collaboration across corporate partners.”

Vendia, unlike companies dedicated to data analytics, is built for operational, real-time data sharing. It is the only company that integrates serverless blockchain with Smart APIs in a single solution, allowing for a single source of truth for data across cloud and parties as well as high-throughput transaction processing at large.

Vendia Share, the company's flagship product, allows companies to expedite time to market without stressing about infrastructure or depending on central IT. It also frees up developers to concentrate on innovation by removing undifferentiated heavy lifting and ongoing maintenance costs. Vendia Share accomplishes all of this while being fully compliant with all company and industry regulations.

Vendia allows data to be collected at each inspection point in the supply chain using a mobile application. Vendia's multi-party database stores the media files and related inspection data. The data is irrevocable once inputted, which is critical for ensuring mutual trust among the parties involved.

“BMW i Ventures’ continued investment in Vendia underscores the market need for a single source of truth for multi-cloud and multi-party data. This investment will allow us to scale our solutions and offerings to customers and we are excited to have BMW i Ventures along for the ride with us,” Vendia Chief Executive Officer and Co-founder Dr. Tim Wagner stated.

To know more about Vendia, log on to vendia.net. To see the joint research on next-gen blockchains, log on to vendia.net/blog/serverless-distributed-ledger-for-enterprises.

Photo from BMW

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