Understanding the Motivation Behind Effect and Its Commercial Backing

I have a question. I would like to understand what the motivation behind Effect is. It feels a bit too good to be true.

I’ve seen one dev/team member that now VC money is behind effect, but is there any commercial software available already.

Don’t get me wrong. I’m a happy vercel user and for me understanding the reasons behind it would make me more likely to switch over, but I don’t fully understand.
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