- Lucidworks — a company that built AI-powered search solutions for the enterprise — announced it raised $100 million in Series F funding at a $370 million valuation
Lucidworks announced it raised $100 million from Francisco Partners, TPG Sixth Street Partners and Top Tier Capital Partners in Series F funding at a $370 million valuation, according to PitchBook. Will Hayes, the CEO of Lucidworks, told the San Francisco Business Times that the company may be going public in the next two to three years. Including this round of funding, Lucidworks has raised around $200 million in funding thus far.
What does Lucidworks do? Lucidworks has built AI-powered search solutions for the enterprise, which offers an application development platform, commercial support, consulting, training, and software for Apache Lucene and Apache Solr. Lucidworks believes it can offer better and more relevant results than other search services. And with this round of funding, Lucidworks is going to further grow its platform.
Lucidworks’ revenue has been doubling every year for the last three years. And its 400 customers include Reddit, Red Hat, REI, and the U.S. Census. And Lucidworks’ competition include the corporate giants including Amazon, Google, and Microsoft. Google and Microsoft sell ads against search results. And Amazon sells items within its marketplace along search results. Lucidworks is not planning to take on these giants head-on with a first-party search platform.
Lucidworks utilizes machine learning and AI to personalize results after sorting through big data in order to provide enterprise information, shopping results on e-commerce sites, and insights to wealth managers.
