SOUTH JORDAN, Utah, April 16, 2020 /PRNewswire/ -- Lucid, the creators of Lucidchart and Lucidpress, today announced that it has closed a $52 million round of funding led by ICONIQ Capital with participation from Meritech Capital, Spectrum Equity and new investor, Cross Creek. The company also announced that it has passed $100 million in annual recurring revenue as its flagship product, Lucidchart, establishes its place as the leading visual workspace, driving greater productivity and collaboration across over 100,000 companies.
With 20 million users in 180 countries worldwide, Lucidchart was recently named as one of the most commonly used enterprise applications in Okta's Businesses @ Work report. Already an essential application for visualizing how business works, Lucidchart is now even more critical as tens of millions of workers need to collaborate effectively while working from home.
During this unprecedented time, companies are rapidly adapting to changing market dynamics, and are turning to Lucidchart to effectively understand the people, processes, and systems that make up their businesses. From virtual whiteboarding, to collaborating on business processes, to visualizing cloud infrastructure, Lucidchart allows teams to work together and understand how to effectively optimize the business in real-time.
"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."
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. Lucid also plans to evaluate M&A opportunities that align with its mission and continue its international expansion, after opening its second international office and APAC headquarters in Melbourne, Australia earlier this year.
"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."
Lucid is the parent company of two cloud-based visual workspace applications: Lucidchart and Lucidpress. Lucidchart is a visual workspace that combines diagramming, data visualization and collaboration to accelerate understanding and drive innovation. Lucidpress is an intuitive design and brand management platform for creating on-brand content faster. Together, they are utilized in over 180 countries by more than 27 million users, including customers like Google, GE, NBC Universal and Johnson & Johnson and ninety-nine percent of the Fortune 500. Lucid's partners include industry leaders such as Google, Atlassian, Amazon Web Services, Salesforce and Microsoft. Since the Utah-based company's founding in 2010, it has received numerous awards for its product, business and workplace culture. For more information, visit lucid.co.