RealTime IT News

X:drive Secures $20 million in Funding

Virtual hard drive company X:drive raised $20 million in venture capital funding in a round led by eCompanies Venture Group L.P., Goldman Sachs Group Inc. and Wit Capital Group Inc.

X:drive said it will use the funds to expand its national advertising campaign and continue to secure partnerships with Web sites and companies that benefit from its Web-based hard-drive service.

"eCompanies' goal is to invest in Internet businesses of consequence," said Tim Spicer, managing partner of eCompanies Venture Group.

"X:drive's unique technology puts it at the forefront of a huge new market in Web-based applications and services. The company's aggressive marketing strategies and vision of the future make it an ideal investment for eCompanies."

"Like Hotmail, ICQ and GeoCities before us, we have created a popular new freeware service that appeals to millions of users," said Brett O'Brien, CEO and founder of X:drive.

X:drive currently provides free space on the Internet to organize, store, publish and share any type of file, including documents, spreadsheets, presentations, images, music and video.

X:drive can be accessed through any Internet browser or through its unique desktop technology that enables members to see and work with their online X:drive files and folders just like their C: drive files.

X:drive's free service provides 25 free megabytes of secure space on the Internet to organize, edit, store and share any type of file.