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Permission-based data exchange XOR has raised $1.8 million in funding. Chicago Ventures and KGC Capital led the round.
Norm Willox will join XOR’s board of directors.
“XOR will use the capital to expand our unparalleled team of technical and analytic experts and scale our hardware infrastructure to keep pace with the growing demand for our services from customers in financial services, telecommunications and other industries looking to monetize their proprietary data,” said Mike Cook, founder and CEO of XOR Data Exchange in a statement. “I am also very pleased to be adding Norm Willox as a director. His expertise and insight will be invaluable during this period of rapid growth for XOR.”
XOR’s data exchanges give data owners control over the specific conditions under which their data can be accessed, by whom and for what purpose. A comprehensive audit trail gives owners a complete picture of how their data is being used.
“The ability to manage and share data across industries will define the digital economy in the coming decades,” said Stuart Larkins, co-founder and partner of Chicago Ventures. “XOR brings unique perspective and expertise to this challenge, and their commitment to giving data owners complete control of their information really sets them apart. We’re thrilled to come alongside XOR and help take this exciting company to the next level.”
Austin-based XOR is focusing intensely on safety and privacy, using an intrusion detection system, active network scanning, and logging and monitoring all system events.
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