The capital will accelerate LucidLink’s product and engineering development and expansion into new areas
LucidLink has raised US$75m (£60m) in Series C funding. The investment round was 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 in LucidLink, including Headline, Baseline Ventures, and Adobe Ventures, also participated in the Series C funding.
Over the past two years, LucidLink has grown its annual recurring revenue by nearly 5x and the number of users on its platform by over 4x.
LucidLink eliminates the need to download or synchronise files by enabling users to stream data directly from the cloud.
LucidLink 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.
Mike Gregoire and Sam Kentor, partners at Brighton Park Capital, said: “LucidLink recognised 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. The company is well-positioned to build on its momentum, and we are excited to support LucidLink’s strategic initiatives to drive future growth.”
Peter Thompson, CEO and co-founder of LucidLink, added: “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.”
George Dochev, CTO and co-founder of LucidLink, said: “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 personalised product experiences that enable creative professionals to work more efficiently and effectively.”