SearchMax

X1 Technologies Secures $10M in Venture Financing Led by U.S. Venture Partners

Desktop search leader will use funds to deliver award-winning technology solutions for the enterprise

X1 Technologies, Inc., a recognized leader in desktop search solutions, today announced it received $10 million in new venture funding. The round was led by U.S. Venture Partners (USVP), based in Menlo Park, CA, with additional participation from founding investor, Idealab, based in Pasadena, CA. The new funds will be used to further the company’s sales and product development initiatives for the enterprise, increase staff worldwide and for company operations.

Stuart Phillips, general partner at USVP, joined the board of directors at X1. Phillips said, “We’re impressed by the technology and the execution shown by X1 and particularly excited about their future prospects. Knowledge Management and Enterprise Search have largely failed to deliver on their technology or financial promises because they have focused on the wrong problem. X1 focuses on the user and solves a ubiquitous problem of finding the right information when it is most needed. We believe every knowledge worker will eventually have X1 on their desktop and servers.”

This entry was posted on Friday, April 22nd, 2005 at 11:56 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.