Web3 startup Internxt, valued at $40M aims to compete with Google Drive

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Just as Web2 grew rapidly over the 20-year period since its birth, so too has the new Web3 – which will include metavers, cryptocurrencies, blockchains, and augmented reality and other 3D features – predicted. Go Web 2 As seen with Yahoo, Google, Firefox, Amazon, Microsoft, Apple, Facebook and many others, Web 3 will need many basic anchor platforms that many people can trust.

For reference, Web3 refers to the next version of the Internet, which will focus on decentralization and user ownership.

Internxt, born in 2020, announced late last week that it had valued 40 million, had a hot product and wanted to be one of the anchor companies for the new web. The Valencia, Spain-based startup is currently building distributed Internet services designed to compete with the services provided by Google, Microsoft and Amazon. All Internxt services are designed for Web3, using blockchain and end-to-end encryption to protect user privacy, founder and CEO Fren Villalba Segra told VentureBeat.

Over the years, Web3 applications have become increasingly valuable and publicly accessible. Internet users are becoming aware of the lack of personal data security provided by existing services. Projects such as Brave, Signal, DuckDuckGo, Etherium and InterNext are gaining popularity and support, Segra said.

Millions of users are now looking for alternatives to platforms like Facebook and Google – which harvest users’ personal information and place it for profit – and are switching to services built on technologies that emphasize user privacy and data sovereignty, Segara said. . Companies building on these zero-knowledge platforms have been attracting investors who want to speculate on the next big industry winners, he said.

Platforms that protect personal data

To simplify this new Internet model, Internxt seeks to establish itself as the home of all these new secure personal data and files. This is an open-source, blockchain-based cloud storage service that provides secure, secure and GDPR-compliant digital storage that advocates for users’ privacy rights, Segara said.

“We always knew what we had to bring because there are so many Web 3 companies out there that no one understands,” Segara said. “So we’re trying to create things that people really want to use. And we’ve really served it very well with Web 3. There’s a lot of hype around Web3 right now, everyone is talking about it. ”

“We are on time because we started our service a few years ago when this was not yet the ‘thing’. And now we’re in a much better position – you know, as a Google alternative to Web 3, “Segara added.

But this is a completely unique business model. Internxt is a freemium software-a-service (SaaS) service with over 1 million active users that position itself as an alternative to Google Drive. Basic-level users can get up to 10GB of free storage service on Internxt’s cloud and encrypt, store and share personal or business files in complete privacy, Segra said. Prices can range from 20GB to terabytes for 80 cents to $ 9 per month, he said.

Google Drive option

During 2021 alone, Segra said Internxt’s revenue and user base grew by more than 1,000%, and he said he was confident the company would produce similar growth figures this year.

“You can use it internxt on your web browser. You can use it on your phone, you can actually get it from the App Store or whatever, “said Segara.” And you can use it on Internet Explorer or any other browser; you can use it as you wish. Use Google Photos or Google Drive; you’ll be able to see your pictures or whatever. Same for MacOS windows. We’re everywhere and it’s free. “

Spanish financier Balaji S. Flush with cash after investing નવા 4M ($ 4,289,360 USD) in new VC funds from investors including Srinivasan, media company Telefonica and others, Internxt is currently in an enviable financial position, Segra said.

“Are we very cash efficient? We have got 90% gross margin; We have generated 4 million euros in revenue of 4.5 million this year. We are using all this cash directly from our income, ”said Segara. “We are using all that for sustainable development. We are very happy with our cash position. “

Leading investor Srinivasan, former general partner of Andreessen Horowitz (a16z), is no stranger to tech startups. He is a co-founder of Earn.com (acquired by Coinbase), Counsyl (acquired by Myriad), Teleport (acquired by Topia) and Coin Center. He served as CTO of Coinbase until 2019, before moving on to becoming one of the leading angel investors in tech and Web 3, with early stakes in Alchemy, Chainlink, Clubhouse and others.

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