Inrupt, Tim Berners-Lee's Startup, Eyes $30M+ Funding

The Vision Behind Inrupt: Reclaiming Data Control

Three decades ago, Tim Berners-Lee established the foundational standards for the world wide web, paving the way for unprecedented growth across numerous industries. Now, with his new company, Inrupt, he aims to address challenges created by the evolution of the internet – and is actively seeking funding to achieve this.

Securing Series A Funding

Inrupt is currently engaged in discussions with potential investors to secure a funding round ranging from $30 million to $50 million. This Series A round is based on a pre-money valuation of $140 million, as indicated by sources familiar with the negotiations and a reviewed investor pitch deck.

It’s important to note that the terms of this funding are still subject to change, as the round has not yet been finalized. Those with knowledge of the matter have requested anonymity due to the confidential nature of the discussions.

A Platform for User Data Sovereignty

An Inrupt spokesperson has not yet issued a comment regarding these funding discussions.

The company, already backed by investors like Akamai Technologies and Glasswing Ventures, is focused on “reshaping the internet” by empowering users with greater control over their personal data.

Inrupt has developed a platform centered around Personal Online Datastores (PODs), where individuals can securely store their data.

Addressing a Critical Gap in the Data Ecosystem

Inrupt’s platform caters to both governments and enterprises. The investor deck highlights a significant need within these sectors.

“Governments and enterprises are seeking effective ways to manage user data, but currently lack a suitable platform to do so,” the deck explains. “Corporations desire access to consumer data without the burden of direct storage, yet a universal, open protocol for this purpose is absent.”

Introducing Solid: A New Data Infrastructure

The company’s pitch emphasizes the creation of a new infrastructure that grants individuals control over their data, enables governments to implement secure data programs, and provides enterprises with secure data access.

This is achieved through their product, Solid.

Inrupt envisions its potential market as encompassing the “entire data market,” drawing parallels to the foundational infrastructure provided by companies like Visa for credit card transactions and Verisign for the Domain Name System (DNS).

Government Partnerships and Revenue Growth

Inrupt has already established contracts with the governments of Sweden, Argentina, and the Basque region – partnerships that have not been publicly disclosed until now.

The company reported $225,000 in revenue for the previous year and generated $200,000 in revenue last month, according to the investor pitch.

Commitment to Ethical Data Handling

The investor pitch underscores Inrupt’s dedication to operating with integrity, transparency, and adherence to the highest ethical and privacy standards.

“Inrupt’s management team and Board of Directors are committed to a governance system that ensures the company operates with utmost integrity, transparency and with the highest ethical and privacy standards,” the pitch states.