The article shortens venture capital to VC. It also didn’t confuse the Matrix Foundation with a VC firm of the same name, it’s talking about Element (formerly Revolt). Like, that article puts says this in pretty simple English, I genuinely confused how you could’ve missed it:

In roughly the beginning, there was two organizations that came out of the project: The Matrix Foundation and New Vector Ltd / Riot / Element. The idea was for New Vector Ltd to carry out the necessary work and bring in the necessary funding for the Matrix Foundation to thrive. Or well, so I’ve been told.

They had multiple funding rounds lead by the likes of status.im, Automattic, the AI and Web3 company protocol labs and others; You get the gist, lots of VC and similar funding also a questionable amount of “Web3” and bullshit generation AI. Element was then tasked with using that to build the software that would power Matrix.