Lucidworks, an AI-powered search and discovery platform, has raised $50 million in growth financing. The company will use the capital to expand its enterprise offerings, which help retailers build search and discovery, customer analytics and digital commerce solutions.
The use of AI can improve the shopper experience by finding correlations across human, machine and application-generated data in real time and at scale. The software also helps employees extract meaningful pieces of knowledge from gathered data, making it easier to take advantage of the insights from collected data.
“We want to solve the ‘last mile’ problem in AI which is how to ensure that the users who can most benefit from insights can discover them without having to be PhDs in data science,” said Will Hayes, CEO of Lucidworks in a statement. “These insights are at the heart of driving better customer experiences and improving employee productivity. Our investors see the power in this approach, and this round underscores their support.”
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The funding round was led by Top Tier Capital Partners, with participation from Silver Lake Waterman and existing investors Shasta Ventures, Granite Ventures and Allegis Capital.
