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At a Glance
Internxt has secured $1 million in early investment for its decentralized cloud storage service. The challenge addressed by Internxt’s design is that files maintained in a single location are vulnerable to unauthorized access. Internxt Mail, the company’s next product, will compete with Gmail and ProtonMail, a privacy-focused alternative to Google’s freemium webmail client.
Internxt, a decentralized cloud storage service, has raised $1 million in a seed round funding co-led by Angels Capital, a European VC fund, and Miami-based The Venture City. A token sale has previously raised about half a million dollars to help fund early development.
The funds will go into the company’s next phase of expansion, its month-to-month growth rate is 30%, and it says it’s certain it can at least maintain that, which will include hiring a large number of people to speed up product development.
It’s [cloud storage] a distributed architecture. We’ve got servers all over the world. We leverage and use the space provided by professionals and individuals. So they connect to our infrastructure and start hosting data shards. We pay them for the data they host — which is also more affordable because we are not going through the traditional route of just renting out a data center and paying them for a fixed amount of space. It’s like the Airbnb model or Uber model. We’ve kind of democratized storage.Fran Villalba Segarra, founder, and CEO
Internxt Mail is the company’s next product, aimed at competing with Gmail and ProtonMail, a privacy-focused alternative to Google’s freemium webmail client.
The problem that Internxt’s architecture is meant to tackle is that files kept in a single location are vulnerable to unauthorized access. Whether it’s the storage provider (which, like Google, may have a privacy-infringing business model built on mining users’ data); or hackers/third parties that manage to breach the provider’s security — and so may seize or otherwise meddle with users’ files.
It will be a pretty big Series A. Potentially the biggest in Spain. We plan on growing until Series A at least a 30% month-to-month rate which is what we’ve been growing up until now. We were planning on doing it a year from now because we just closed our [seed] round, but because of how many VCs are reaching out to us, we may do it by the end of this year.Fran Villalba Segarra, founder, and CEO
But the time frame isn’t an issue for us. What matters most is being able to reach that minimum valuation.Fran Villalba Segarra, founder, and CEO