X1, a Pasadena, CA-based global leader in enterprise-class, distributed GRC and eDiscovery software, raised $5.1m in Series B funding.
The round was led by Palisades Growth Capital. Former head of HP Software, George Kadifa, also participated in the funding.
The company intends to use the funds to hire in development and sales, and to expand its global channel network and brand.
Led by CEO Craig Carpenter, and CTO Brent Botta, X1 provides search and eDiscovery solutions across a diverse range of business uses and IT environments. Its distributed architecture allows compliance, cybersecurity, eDiscovery, forensics and privacy teams to access employee data in-place in real-time, whether on laptops, servers, in SaaS applications or in the cloud.
The funding will be used to expand its Enterprise suite composed of:
- Distributed Discovery for eDiscovery and eDisclosure,
- Distributed GRC for governance, risk, compliance and privacy, and
- Social Discovery, an advanced social media and web collection product.
The company’s solutions have 600,000 users across 20,000 organizations.