Wachovia joins iLumin financing round

Wachovia joins iLumin financing round

iLumin Software Services, a US-based provider of electronic message surveillance and compliance software, has completed a Series A round of financing with an investment from Wachovia Strategic Ventures.

Other Series A investors include DB Capital Venture Partners, MidOcean Partners, Rock Creek Capital and Softbank. The investment amount and ownership interest were not disclosed.

The new funding will be used to expand product development and intensify sales and marketing activities of iLumin’s Assentor product line. iLumin acquired Assentor in October 2002 with the main goal of expanding outside of Assentor’s core compliance offering to provide a comprehensive, off-the-shelf enterprise message management solution.

Bharat Vijay, SVP, Wachovia Strategic Ventures group, says the firm only invests in companies that its business units find essential to their operations.

"iLumin’s product offerings enable us to maintain compliance with SEC regulations and guidelines regarding archiving and monitoring of e-mail activity companywide," he says.

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