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Hosted version… like every oss project…

It’s a desktop app.

many desktop apps have hosted versions

I can’t think of any free desktop app that would have a non-free hosted version.

AGPL suggests you are correct

Step 1: Manufacture a bunch of low-quality "good enough" codebases

Step 2: Turn around and sell security-as-a-service to the most profitable products

The only way there is to make money - from VCs.

It seems to be a side-gig to bring attention to their company. Well done.