Internxt receives 1.4 million euros from the Spanish government to develop post-quantum encryption algorithms and new services


The innovative Valencian startup Internxt continues unstoppable. A few weeks ago, the company announced the closure of its best year to date, exceeding €3 million in turnover, a round for a valuation close to €40 million, partnerships with companies of the size of PcComponentes or Revolut, and an exponential growth in the number of paying customers. Today, the company announces the award of €1.4 million in public funding from the Spanish Government.

This funding comes from the Centre for Technological Development and Innovation (CDTI), a public body under the Ministry of Science and Innovation, which also has European Funds, and is dedicated to financing innovative projects. Internxt has relied on the boutique F4startups for the management of the granting of public aid. With this funding, Internxt plans to launch new services for its privacy-focused suite. Internxt Meet, an encrypted video calling service; Internxt Mail, an encrypted mail service; and Internxt VPN, an encrypted VPN. These services will be added to the company’s existing Internxt Drive and Send services.

All this, with the value proposition of zero-knowledge encryption that characterises Internxt, and which differentiates them from alternative services offered by companies such as Google or Microsoft. Unlike these, Internxt encrypts all information on the client side, without storing the decryption key. The technology giants Internxt competes with are data and advertising giants, whose services are actually a means to an end, not an end in themselves. Internxt is focused on creating a digital world that respects user privacy.

The company, which employs more than 30 people, is also committed to developing innovative post-quantum encryption algorithms, which until now have not been available on the market. To this end, the company has added several PhDs to its team in order to strengthen the talent dedicated to the research and development of this disruptive technology. This will allow Internxt to be at the forefront of privacy and security, even in the face of the soon-to-be-realised power of post-quantum computing.

Commitment to Internet safety

This is not the first time that the Spanish government has taken notice of Internxt. A few months ago, the Spanish Data Protection Agency awarded Internxt with the Ángela Ruiz Robles Personal Data Protection Award, which was attended by the Spanish Prime Minister and several Spanish Ministers.

Spain, the European Union and NATO are showing a very important commitment to technological progress and the consequent protection against cyber-attacks in the region. So much so, that a few days ago it was news that NATO chose INCIBE (Spain’s National Institute of Cybersecurity) as the Atlantic Alliance’s global cybersecurity startup acceleration hub. Internxt, which already works hand in hand with INCIBE in several programmes, is a clear demonstration of the commitment to responsible and secure technological progress that the different European Union states are committed to.

Both these new Internxt services and the innovative post-quantum encryption algorithms will be launched next year and will strengthen Internxt’s position in the market against the giants it competes with. Internxt, owned among others by Wayra – Telefónica’s venture capital, Notion Capital and Angels Capital – Juan Roig’s investment company, expects to close 2024 with a turnover of more than 4 million euros and around 40 employees.