Lucid

Lucid is a provider of a visual collaboration software that enables teams to align on ideas, clarify complex problems, and bring their vision to reality through its suite of products - Lucidchart, Lucidspark, and Lucidscale.

Lucidchart is an intelligent diagramming application that empowers teams to visualize data, map out processes, and document technical systems through features like data linking, automation, layers, and customizable templates.

Lucidspark is a virtual whiteboard tool designed for remote and hybrid teams to brainstorm ideas, collaborate in real-time, and streamline ideation through AI-powered features like idea generation and organization.

Lucidscale allows organizations to visualize and optimize their cloud environments by providing visibility into security protocols and data flows across platforms like AWS and Microsoft Azure.

In August 2024, Lucid launched Enterprise Shield which provided an additional layer of fortified security and granular control that organizations can utilize.

Key customers and partnerships

Lucid Software's products are utilized by leading enterprises across various industries, including Google, GE, NBC Universal, and T-Mobile.

In July 2023, Lucid partnered with Headroom, a startup offering embedded AI-powered video conferencing technology, to enhance the workplace collaboration experience by allowing Lucid users to hold Headroom virtual meetings directly inside the Lucid Visual Collaboration Suite.

Furthermore, in September 2022, Lucid partnered with CloudApp, a visual communication platform, to better enable asynchronous collaboration across the Lucid Visual Collaboration Suite.

Funding and financials

In June 2021, the company raised USD 500 million in a secondary investment that valued the company at USD 3 billion, tripling its previous valuation. The investment round included participation from existing investors Spectrum Equity and ICONIQ Capital, and new investors Alkeon Capital, Tiger Global, and STEADFAST Capital Ventures.

The financing follows its USD 52 million Series D round in April 2020. The significant funding and jump in valuation can be attributed to the company’s record-breaking bookings reported in April 2021, which increased by 100% YoY. It had already surpassed the USD 100 million ARR threshold in Q1 2020, with one-third of its revenue coming from outside the US.