Tim Berners-Lee’s startup, Inrupt, has raised about $30 million in its Series A financing round, a source familiar with the matter said, IgbereTV reports.
Forte Ventures led Inrupt’s new round, the two said Thursday, but both declined to disclose the size of the deal. The round saw participation from “all existing investors,” including Akamai Technologies and Glasswing Ventures, as well as new investors Allstate and the Minderoo Foundation’s Frontier Technology Initiative.
It was reported in late October that the three-year-old inrupt was in talks to raise between $30 million to $50 million.
Inrupt — founded by the creator of the standards of the world wide web, Berners-Lee, and technologist John Bruce — is attempting to “reshape the internet” by building a platform that gives users control of their data. The Inrupt team includes cryptography expert Bruce Schneier.
“Business transformation is hampered by different parts of one’s life being managed by different silos, each of which looks after one vertical slice of life,” said Berners-Lee in a statement. “Meanwhile, that data is exploited by the silo in question, leading to increasing, very reasonable, public skepticism about how personal data is being misused.”
