Element.io, the start-up behind free instant messaging software linked to the Matrix standard, announced on July 27 a fundraising of $ 30 million as part of a series B. intends to position itself as a competitor of Slack or Signal plans to use this funding to develop new functionalities and expand into the BtoB sector and to the general public.
This funding round was led by Protocol Labs (the creators of libp2p, IPFS, Filecoin and many others) and Metaplanet, the investment fund created by Jaan Tallinn, co-founder of Skype. Automattic and Notion also participated in this funding, doubling their existing investments in Element.
Used by a dozen government institutions
Founded in 2017, Element is already used by 20 million individuals, businesses and governments. Element is based on the non-profit Matrix protocol and lets the user choose which server to connect to and where to store their messages. The service that offers end-to-end encryption is now available as an on-premises system or as a cloud platform. Cloud revenue has grown 300% in the past 12 months, the company said without revealing the actual amount of the increase.
“Over the past six months, we’ve grown in popularity in the enterprise market with the launch of gateways for Slack and Teams.“, welcomed the co-founder Amandine Le Pape in a blog post. Element claims among its users a dozen government institutions including the French government. Concretely, the Interministerial Directorate of Digital and Information and Communication System of The French State (DINSIC) has developed the Tchap messaging service based on Matrix and Element technological solutions, as has Thales, which has also relied on its solutions to develop its Citadel service. education and public administration in Germany and BWI which provides the communication system used by the German armed forces.
A promising future
Following this funding and with a view to expansion, the start-up took the opportunity to announce a recruitment campaign in all areas. In the meantime, the next step for Element will be adding some missing features like Chat Spaces, Threads, Pinned Posts, Favorite Posts, Custom Emoji, and more.