Inrupt, Tim Berners-Lee's Startup, Raises $30 Million

Inrupt Secures $30 Million in Series A Funding

Tim Berners-Lee’s venture, Inrupt, has successfully completed a Series A financing round, raising approximately $30 million, according to a source with direct knowledge of the deal.

Round Details and Investors

Forte Ventures spearheaded Inrupt’s latest funding round, as announced on Thursday. However, the specific financial terms of the agreement were not publicly disclosed.

The investment round benefited from the continued support of existing investors. These include Akamai Technologies and Glasswing Ventures. Additionally, new investors joined the round, namely Allstate and the Minderoo Foundation’s Frontier Technology Initiative.

Previous Funding Reports

Reports surfaced in late October, as covered by TechCrunch, indicating that Inrupt, a company established three years ago, was actively seeking funding in the range of $30 million to $50 million.

Inrupt's Core Mission

Founded by Tim Berners-Lee, the original architect of the World Wide Web’s foundational standards, and technologist John Bruce, Inrupt is focused on fundamentally “reshaping the internet.”

The company aims to empower users with greater control over their personal data through its innovative platform. Bruce Schneier, a renowned cryptography expert, is also a key member of the Inrupt team.

Berners-Lee on Data Control

Tim Berners-Lee stated, “Business transformation is often hindered by the fragmentation of personal information across disparate systems, each managing a limited aspect of an individual’s life.”

He further explained that this data fragmentation leads to exploitation by the managing entities, fostering growing public concern regarding the misuse of personal data.

The POD Concept

Inrupt’s platform utilizes Personal Online Datastores (PODs), enabling users to securely store their personal data. These PODs are designed to be compatible with decentralized applications.

Users retain the ability to disconnect their PODs from applications at any time, granting them full control. Inrupt envisions itself as building core infrastructure akin to Visa for credit card transactions and Verisign for DNS standardization, as outlined in an investor presentation reviewed by TechCrunch.

Regulatory Compliance and Web3

Hunter Hartwell, principal at Forte Ventures, noted, “This approach empowers consumers to manage their data while facilitating a smoother transition for governments, companies, and developers into a new internet era and evolving regulatory landscape, such as GDPR.”

Hartwell elaborated that Forte Ventures’ investment is based on the belief that consumers, governments, and businesses are actively seeking a truly open and collaborative web – often referred to as Web3.

He added that Inrupt’s enterprise Solid server (ESS) represents the most technically advanced and commercially viable pathway to achieving this future.

Current Clients and Revenue

Inrupt currently serves a diverse clientele, including governmental organizations and large enterprises. The company has secured contracts with the governments of Sweden, Argentina, and the Basque region, as previously reported by TechCrunch.

Last year, Inrupt generated $225,000 in revenue. In September alone, the company reported $200,000 in revenue.

Future Plans

According to Hunter Hartwell, the newly acquired funds will be allocated to “expanding its global presence of Solid deployments within both the public and private sectors.”