LucidLink, pioneers in enabling instant access to data and real-time collaboration for the world’s most innovative companies, announced that it has raised $75 million in Series C funding, including secondaries, led by Brighton Park Capital an investment firm focused on entrepreneur-led, growth-stage companies within the software, healthcare, and tech-enabled services businesses space. Major existing investors, including Headline, Baseline Ventures, and Adobe Ventures, also participated. Over the past two years – despite a challenging environment – LucidLink has delivered exceptional growth, including growing its annual recurring revenue (ARR) by nearly 5x and the number of users on its platform by over 4x.
Founded in 2016, LucidLink developed the world’s first storage collaboration platform designed to help remote and hybrid teams of creative professionals tackle a variety of complex use cases by enabling immediate access to huge files and secure real-time collaboration. LucidLink’s system is built specifically for the modern computing environment, eliminating the need to download or synchronize files by allowing users to stream data directly from the cloud.
“LucidLink recognized a substantial need for real-time collaboration in the cloud, and their solution has rapidly become indispensable for hybrid and remote creative professionals, underscored by its robust recent growth and diverse customer base of leading innovative companies,” said Mike Gregoire and Sam Kentor, Partners at Brighton Park Capital. “The Company is well-positioned to build on its momentum, and we are excited to support LucidLink’s strategic initiatives to drive future growth.”
According to a recent Filestage report, three-quarters of creative collaboration now happens remotely, with the average creative review process taking eight days and over three versions to receive sign-off.1 International Data Corporation predicts this trend will drive investment in cloud infrastructure and services to $1.2 trillion by 2027 as the need for businesses to prepare for a hybrid workforce grows more urgent.2 For creative industries that work with complex files and applications, real-time collaboration across a hybrid and remote employee base has become a top pain point organizations face today.
Peter Thompson, CEO and Co-Founder of LucidLink, stated, “Legacy collaboration and storage solutions are not designed for this new hybrid workplace reality, and LucidLink is becoming the go-to solution for companies looking to future-proof their businesses. Our customers are reaching 5x in productivity gains on previously impossible workflows, and we are excited to see how they continue to unlock new possibilities as we help to accelerate the future of collaborative work.”
Thompson added, “Brighton Park’s deep expertise, broad network, and track record of supporting growth across its portfolio companies make it the perfect partner, and we are grateful to our existing investors for their continued support.”
Today, LucidLink customers in creative industries and beyond are collaborating on over one billion files across 40 countries. Customers include Adobe, A&E Networks, Whirlpool, Shopify, Buzzfeed, and Spotify, as well as Hollywood studios, major broadcasters, brands, digital ad agencies, architectural firms, and gaming companies. The new capital will accelerate LucidLink’s product and engineering development, customer acquisition efforts, and expansion into new verticals and geographies.
“With this Series C investment, LucidLink will accelerate its most ambitious product updates in the Company’s history to expand our technology leadership position, open up new customer use cases, and create more personalized product experiences that enable creative professionals to work more efficiently and effectively,” said George Dochev, CTO and Co-Founder of LucidLink.
SOURCE: PRNewsWire