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Lucid Software Secures USD 52 Million in Venture Financing Round

By HR Tech Outlook | Monday, April 20, 2020

With over 20 million users in 180 different countries worldwide, the company's Lucidchart was recently named as one of the most commonly used enterprise applications in Okta's Businesses @ Work report

Fremont, CA: Creators of Lucidchart and Lucidpress, Lucid Software, raised USD 52 million in a round of funding led by ICONIQ Capital with participation from Meritech Capital, Spectrum Equity and new investor, Cross Creek. With its flagship product, Lucidchart, establishing its place as the leading visual workspace, driving higher productivity and collaboration across over 100,000 companies, the company announced the crossing of USD 100 million in annual recurring revenue.

Top 10 Employee Engagement Solution Companies - 2020"Our mission is to help people see and understand how their businesses work, so they can make smart changes that will help improve business performance. In our current environment, business insight and agility are more important than ever," said Karl Sun, co-founder and CEO of Lucid. "We believe that Lucidchart will continue to be an essential platform to help companies navigate change, improve remote collaboration, and transform systems and operational processes to ensure long-term success. We are excited that this message resonates with our users and customers, encouraged by the strong interest we received during this round, and thrilled to continue our partnership with ICONIQ, Spectrum and Meritech while also welcoming Cross Creek."

With over 20 million users in 180 different countries worldwide, the company's Lucidchart was recently named as one of the most commonly used enterprise applications in Okta's Businesses @ Work report. Lucidchart was already an essential app for visualizing how a business works and has now become even more crucial as tens of millions of workers require to collaborate effectively as they work from home.

"We look to invest in category leaders that we believe will continue to define the market," said Evan Lintz at ICONIQ Capital. "We are confident in Lucid's longstanding recipe for success: product innovation, a highly scalable business model, and capital efficiency. We are eager to help Lucid continue to define the market and scale across the globe." The funding will be used to further product innovation, including the expansion of the Lucidchart visual reasoning engine that powers intelligent diagrams that are created automatically and incorporate real-time data from external sources.

See also: Top HR Tech Companies

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