Tuesday, May 26, 2009

X1 Technologies Gains New Funding, CEO

Pasadena-based X1 Technologies, a developer of desktop search software, announced today that the firm has raised new funding from backer Idealab, plus made a few executive changes. Size of the new investment round in the firm was not disclosed by the company. X1 said that it has promoted President and COO John Waller to the position of CEO, replacing Harold "Bud" Enright, who remains on the firm's board. Idealab's Bill Gross also re-joins as Chairman of the firm's board of directors. According to a statement by Gross, the new funding round will go to "accelerate growth" in X1. X1 did not say if prior investor U.S. Venture Partner re-upped in the new funding round. X1 develops enterprise search software designed to search desktops and company networks for documents. More information »