Lucidworks, a leader in AI-enabled search and discovery, has raised $50 million in funding.
The additional funds will be used to further expand the company’s offerings and to enable world’s leading organizations to bring Smart Data Experiences to the market. The funding round was headed by Top Tier Capital Partners, along with other investors like Silver Lake’s late-stage growth capital fund. Existing investors Shasta Ventures, Granite Ventures, and Allegis Capital also participated, having seen a four-fold jump in the annual recurring revenue (ARR) of Lucidworks in last three years.
Lucidworks will continue to work in the field of delivering actionable insights to end users in some of the largest organizations in the world, which includes several Fortune 500 companies.
With Lucidworks-powered systems, organizations can take more meaning out of millions of customer interactions in real-time, across multiple channels, and some of the most innovative companies in the world will leverage their Search and Discovery Tool to sort out heavy data.
Will Hayes, the CEO of Lucidworks said:
“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. 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.”