logo-1XOR Data Exchange, a permission-based data exchange in Austin, announced this week it has closed on $1.8 million in funding.

Chicago Ventures and KBC Capital led the round.

In addition, Norm Willox, who previously founded and built the risk management and fraud analytic business for Lexis Nexis and now serves as founder and CEO of Bluewater International, will join the company’s board of directors.

XOR plans to use the funds to hire technical and analytics experts and to scale its hardware infrastructure to keep pace with customer demand. The company has 10 employees but plans to double in size by the end of the year, according to a spokeswoman.

The company’s customers are in the financial services, telecommunications and other industries seeking to monetize their data, according to Mike Cook, founder and CEO of XOR Data Exchange. The company’s data exchanges lets its customers have control over what types of data can be accessed and shared. It also provides an audit trail that shows how the data is being used.

Cook founded XOR Exchange in 2014. Cook previously co-founded ID Analytics, which he built to 5 million customers. He was also a member of the executive team that developed Consumer Credit Associates, now known as Innovis. He has also held senior management roles with Experian, Early Warning Services and American Express.