Lucidworks, an AI-powered search solution provider, has secured a $100 million investment from investors including Francisco Partners, a global technology-focused private equity fund, and TPG Sixth Street Partners, a global finance and investment firm.
Moving forward, Lucidworks is focusing on building out its flagship Fusion software and enhancing its AI and data science platform.Lucidworks builds algorithms that bring in other data sources, such as past shopping patterns, a shopper’s location, what kind of walking a shopper might be doing, what other people like the shopper have purchased, to produce a more focused list of products a shopper is more likely to buy.
Additionally, the company aims to add other features, including more natural language processing and semantic search features, to expand both the kinds of queries that can be made and also cues that Fusion can use to produce results.
Lucidworks has raised approximately $200 million in funding to date. While it is not disclosing its valuation, the company says it has doubled revenues in each of the last three years and is now servicing 400 of the Fortune 1000, with global expansions into the APAC and EMEA regions.
“This raise validates our purpose: to create a new standard in digital experience, and deliver personalized customer journeys and valuable business insights to billions of people around the globe,” wrote Will Hayes, CEO of Lucidworks, in a blog post.