X1 with $10 million round
Filed in archive Venture Capital by tj on April 22, 2005
X1 is a comipany that amazes me since 2004. Now the company goes into full steam and raises $10 millionfrom U.S. Venture Partners (USVP) and Pasadena-based Idealab in order to get a foot into the enterprise market.
Venturewire reports:
"Autonomy and Copernic Technologies are among the very few companies with desktop-search products for the enterprise market, and now X1 Technologies is preparing to launch a version in June it says is specifically designed for deployments in much larger corporate settings. X1, which just announced a $10 million Series B round to help with the launch, says the software can integrate with browser systems, mobile devices, customer relationship systems and existing security programs, and enables IT managers to control access to data that the engine culls through - several big selling points for companies. The company says it already has beta deployments of its enterprise product at eight companies.
On average, a basic configuration for X1's enterprise software will cost $25 to $50 per user, per year, and can handle up to several thousand users at this point, the company says. However, there are add-on features and consulting costs associated with deployment as well. The company's single-user version, targeted at business professionals, currently sells for $75 and has been around for awhile; the three-year-old X1 is one of the trailblazers of the technology, and it will remains to be seen how many more copycats will pop up in the coming year."
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