eDiscovery Gets a Lift with US$ 8 Million in Financing for StoredIQ

By Marisa Peacock | Published Apr 15, 2009

Last we covered them, StoredIQ was busy launching StoredIQ Solution for Legacy Archived Media, an eDiscovery platform for the enterprise that captures data from all sources, both on- and off-line.

Since then, they've been busy capitalizing on their success. StoredIQ just closed an US$ 8 million investment financing from existing investors, including S3 and Techxas Ventures. They've also added industry veterans Dan Junk as vice president of business development and Ellis Ishaya as vice president of partner development to their management team.

Getting Ready for the Market Rebound

The new funds will come in handy — StoredIQ will use the financing to expand their information management and eDiscovery solution, as well as grow industry partnerships.

Most of all they hope to advance the company’s marketing and distribution initiatives so that they can take advantage of the market when it makes an upswing.

Fortunately, the eDiscovery market has remained resilient and is expected to double in three years, according to industry findings.

Setting Themselves Apart

So what makes StoredIQ so special? They are counting on their ability to offer “a unified, easy to deploy platform that meets the compliance, eDiscovery and information management requirements of the enterprise", not to mention the benefits of off-setting the costs and risks associated with litigation.

With the new funding, StoredIQ's ediscovery solutions will undergo extensive development so as to grow business to the next level. Strategic partnerships will also help in creating, implementing and managing the company's partner programs, as well as the ongoing management and expansion of existing strategic partners and alliances.

New Market Leader?

In another six months, we'll be bound to check in with StoredIQ and gauge their progress as they position themselves to better deploy, drive market share and demonstrate the impact of information management in the enterprise.