03 May Lucidworks Announces $50 Million in Growth Financing
EconoTimes | May 3, 2018
SAN FRANCISCO, May 03, 2018 — Today Lucidworks, the leader in AI-powered search and discovery, announced $50 million in growth financing. Lucidworks will use the capital infusion to expand the company’s enterprise offerings, and to help the world’s leading companies bring Smart Data Experiences to the market. Top Tier Capital Partners led the round with participation from Silver Lake Waterman, Silver Lake’s late stage growth capital fund. The round also includes existing investors Shasta Ventures, Granite Ventures, and Allegis Capital and comes after Lucidworks more than quadrupled its annual recurring revenue (ARR) over the last three years and added top quality talent at the highest levels. The company expects to continue as a powerful technology provider for delivering actionable insights to end users in the world’s largest organizations, including a broad selection of Fortune 500 companies.
Lucidworks enables today’s enterprise to make sense out of trillions of customer interactions in real-time across multiple channels so that they can deliver amazing customer experiences. To help companies deploy smart data experiences, Lucidworks offers a suite of solutions built on the industry’s most powerful data platform, offering insights delivered via search, the most intuitive of end-user interactions. The most innovative companies in the world use Lucidworks’ Fusion platform to build Search and Discovery, Customer Analytics, and Digital Commerce solutions that deliver personalized, curated customer experiences. This in turn creates a culture of data-driven decision making, a competitive advantage for any organization.
“We’ve partnered with Lucidworks since 2013 and have used their Fusion platform to build search and discovery applications for millions of users and thousands of employees,” says Mike Kelly, Chief Information Officer for Red Hat. “Search and findability is at the core of delivering a fantastic customer experience. Lucidworks gives our team the capabilities to deliver innovative applications that increase customer satisfaction and reduce time to issue resolution.”
“Lucidworks has the potential to impact virtually every industry by making complex data science available to end users directly. The true power of that potential just isn’t captured by ‘enterprise search’ or ‘insight engine’ or any of the other industry language currently in use,” said Lucidworks CEO, Will Hayes. “We’re building around the idea of ‘smart data experiences.’ As a company, this is the direction that guides us beyond artificial intelligence, machine learning, neural networks, and all the other buzzwords. We want to solve the ‘last mile’ problem in AI—how to ensure that the users who can most benefit from insights can discover them without having to be PhDs in data science. These insights are at the heart of driving better customer experiences and improving employee productivity. Our investors see the power in this approach, and this round underscores their support.”
“Lucidworks has been a critical partner in our mission to help companies become experts with their data,” said Brian Brockway, CTO of Commvault. “Integrating with the Fusion platform is now allowing us to bring the user experience to the next level by coupling data understanding and user intent into a new class of powerful, yet simple data–driven applications.”
“TTCP has tracked Lucidworks closely for many years and we believe the company is uniquely positioned to take advantage of the massive amounts of data being generated by organizations,” Garth Timoll, Managing Director at Top Tier Capital Partners. “Lucidworks will help companies across virtually all industries be more intelligent about their data and customer experience.”
Lucidworks builds AI-powered search and discovery applications for some of the world’s largest brands. Fusion, Lucidworks’ advanced development platform, provides the enterprise-grade capabilities needed to design, develop and deploy intelligent search apps at any scale. Reddit, Red Hat, Moody’s, Commvault, and the US Census are just of few of the companies that rely on Lucidworks every day to power their consumer-facing and enterprise search apps. Lucidworks’ investors include Top Tier Capital Partners, Shasta Ventures, Granite Ventures, Silver Lake Waterman, and Walden International.
About Top Tier Capital Partners
Top Tier Capital Partners, LLC (TTCP) is a venture capital specialist managing niche-focused funds of funds. We make primary and secondary investments in venture capital funds and co-invest in select portfolio companies. Our team creates diverse portfolios that are built to spot emerging trends early and to deliver optimal venture returns. For more information visit www.ttcp.com.
About Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with about $39 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located around the world. Silver Lake Waterman focuses on providing flexible expansion capital to later-stage growth companies in the technology and technology-enabled industries. For more information about Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.