Idealab’s Bill Gross has wandered for a while in the valley of something-or-another, but one of his companies has scored a material financing round from a marquee VC: USVP has led a $10-million investment in search firm X1.
While most people have deemed search dead (for, what, the fifth time since 1995?), USVP clearly thinks that X1 is something more than a burger company (built to be flipped). After all, the $10-million means that for a reasonable exit for the backers means that X1 must be acquired for in excess of $150-million — so they are building out a salesforce and doing all those enterprise-y things that Web 2.0 companies think are anathema.
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X1 goes the “Let’s build it” route with $10M from USVP
SiliconBeat announces that X1, the company providing desktop search technology to Yahoo!, just raised $10M from Sand Hill Road’s USVP. This is a substantial financing which shows tha X1/Idealab executives have signed up for building the company