X1 closes $5.1m Series B funding round to boost its risk management and compliance solutions

RegTech solutions provider X1 has closed a $5.1m funding round led by Palisades Growth Capital, the private equity firm.

“X1 provides search and e-discovery solutions across a diverse range of business uses and IT environments and delivers a tremendous user experience at the industry’s fastest speeds,” said Anders Richardson at Palisades Growth Capital. “The X1 leadership team’s deep background in forensics and e-discovery along with its market-leading X1 Enterprise Platform provides customers with the best solution for finding and collecting information and data.”

Palisades Growth Capital have previously backed compliance and cybersecurity firm Docupace Technologies.

George Kadifa, former head of HP Software, also participated in X1’s new round. “Businesses have been experiencing regulations like GDPR and the California CPA, CFIUS investigations, FCPA and civil [or]corruption proceedings, all involving digital evidence,” he said.

“This has created a massive impact on their operations that traditional solutions are unable to address. X1 is uniquely capable of delivering an incredibly efficient architecture and workflow that reduces timelines from weeks or months to hours. I am extremely bullish on X1’s present and future and look forward to seeing how far this talented team can take the company.”

X1 will use the money to grow its development and sales teams and to expand its global channel network and brand to meet rapidly increasing demand. The company will also use the money to keep updating X1 Enterprise, a fully integrated software suite composed of X1 Distributed Discovery for e-discovery and e-disclosure, and X1 Distributed GRC for governance, risk, compliance and privacy, and X1 Social Discovery.

“Helping clients find and take action on critical corporate information within hours – whether on laptops, desktops, corporate servers, in SaaS applications or in the cloud – is an incredibly powerful capability that the market is just now beginning to leverage,” said Craig Carpenter, CEO of X1. “X1 has an incredible opportunity in front of it, which was the catalyst for this round of growth capital. We’re ecstatic to gain the support of great partners like Palisades Growth Capital and George Kadifa for our journey to come.”

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