Lucidya announces its second round of funding of $6 million led by Rua Growth Fund with participation from M.A.L Ventures and AlRashed Group, and other international Venture Capitals. Existing Lucidya investors also participated in the round, including Venture Souq.
Lucidya’s solution empowers organizations to understand and better serve their customers by analyzing interactions across different online channels in one platform. Powered by proprietary Artificial Intelligence (AI) and Arabic Natural Language Processing (NLP) technologies, all captured interactions are deeply analyzed to extract insights that help businesses in making data-driven decisions.
This round comes after an outstanding performance by the company, which managed to serve over 100 enterprise customers in more than 6 countries, fueling its annual recurring revenue (ARR) growth 5x year-over-year and making it among the top 10% fast-growing B2B SaaS companies globally, according to the industry’s benchmark.
The global market for marketing technology solutions (MarTech) is estimated to be worth $344.8bn in 2021, a figure which underlines the growth of the industry and the massive role that MarTech now plays in almost every organization. With such a growing market, the opportunity for Lucidya and its customers is undeniable.
While almost every business is exploring how they can use Customer Experience as a competitive advantage, very few are able to do so effectively today due to the lack of technologies that understands Arabic interactions.
The fund will be used to expand the company’s product offering to provide a wider range of values to its customers.