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- Lucidworks
Lucidworks Valuation, Funding & Investors
Lucidworks is valued at $370M as of August 2019.
Last Lucidworks valuation
$370M
Series F · Aug 2019
Last Lucidworks funding round
$100M
Series F · Aug 2019
Cumulative funding Lucidworks raised
$181M
across 4 funding rounds
Key investors in Lucidworks
Shasta Ventures
Granite Ventures
AllegisCyber
Top Tier Capital Partners
Francisco Partners
Walden International
About Lucidworks
Lucidworks is an AI-powered experience platform orchestrating search, discovery, and personalization across customer journeys. Its Connected Experience Cloud processes user signals to power commerce, customer service, and employee applications for brands like Lenovo, Red Hat, Reddit, and Cisco Systems. The company builds on Apache Solr foundations to deliver intent-based recommendations and site search.
Founded
2007
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$370M (Aug 2019)
Lucidworks Valuation
Lucidworks is currently valued at $370M, based on its Series F in August 2019.
The $100M round was led by Francisco Partners, with participation from Top Tier Capital Partners, Sixth Street, AllegisCyber, Granite Ventures and Shasta Ventures.
Lucidworks valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2019 | Series F | $370M |
Lucidworks Funding History
Lucidworks has raised a total of $181M across 4 funding rounds.
Lucidworks' first fundraising round was a $10M Series C in May 2013. The most recent completed round was a $100M Series F in August 2019.
Lucidworks funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2019 | Series F | Francisco Partners (lead); Top Tier Capital Partners; Sixth Street; AllegisCyber; Granite Ventures; Shasta Ventures | $100M | $370M | Lucidworks, a provider of AI-powered search solutions, announced a $100 million investment on August 12, 2019 from Francisco Partners and TPG Sixth Street Partners, with participation from Top Tier Capital Partners, Shasta Ventures, Granite Ventures, and Allegis Cyber. The funding was a growth investment with all proceeds directed toward continued expansion, and no existing investors sold shares. This followed a $50 million Series E in May 2018 led by Top Tier Capital Partners, bringing total funding to around $211 million across 11 rounds by that point. The company's flagship product, Fusion, an advanced development platform for enterprise-grade intelligent search applications, had doubled revenue year over year for the last three years leading into 2019. Fusion served over 400 of the Fortune 1000 customers and supported global expansions into APAC and EMEA. Lucidworks was recognized as a leader in the Forrester Wave™: Cognitive Search, Q2 2019, validating its market position in powering consumer-facing and enterprise search apps across industries like retail, healthcare, insurance, and financial services. Investors highlighted Lucidworks' strong management team, customer feedback, loyal customer base, and positioning in the enterprise search market. Francisco Partners' Jonathan Murphy noted the company's readiness to capitalize on market opportunities, while TPG Sixth Street Partners' Bo Stanley praised its long-term product investment making Fusion the best in the space. |
| May 2018 | Series E | Top Tier Capital Partners (lead); Silver Lake Waterman | $50M | - | Lucidworks, a provider of AI-powered search and discovery solutions, raised $50 million in a Series E growth financing round on May 3, 2018, led by Top Tier Capital Partners with participation from Silver Lake Waterman, as well as existing investors Shasta Ventures, Granite Ventures, and Allegis Capital. The capital was intended to support expansion following significant growth, including more than quadrupling annual recurring revenue over the prior three years. The company's Fusion platform powers search applications for major clients like Reddit, Red Hat, Moody’s, Commvault, and the US Census, targeting Fortune 500 organizations. This round built on prior financings, such as a $21 million Series D in November 2015 from Allegis Capital and others. Top Tier Capital Partners highlighted Lucidworks' positioning to leverage enterprise data for improved customer experiences across industries. Lucidworks reported strong traction, with Fusion doubling revenue year-over-year for three years leading into 2019 and servicing over 400 Fortune 1000 companies. In 2018, the company achieved 70% ARR growth year-over-year, expanding headcount from about 125 to nearly 300 by mid-2019 while shifting toward a SaaS model. The firm had raised over $200 million cumulatively by 2019 from backers including Shasta Ventures, Granite Ventures, Walden International, and Allegis. |
| Nov 2015 | Series D | AllegisCyber (lead); Granite Ventures; Shasta Ventures | $21M | - | Lucidworks announced $21 million in Series D funding on November 18, 2015, led by Allegis Capital (also referred to as AllegisCyber) with participation from existing investors Shasta Ventures and Granite Ventures. The company, a provider of search solutions based on Lucene/Solr, planned to use the funds to accelerate its product-focused mission, particularly around its Fusion platform, enabling companies to build search and data-driven applications from massive data volumes. Lucidworks targeted organizations needing powerful data applications with mobile-app ease of use, providing universal data access for enterprise users. Lucidworks served leading brands across consumer retail, healthcare, insurance, and financial services, powering both consumer-facing and enterprise apps. CEO Will Hayes emphasized the platform's role in translating data into actionable business intelligence. Investors like Spencer Tall from Allegis Capital praised Lucidworks for its disruptive search solutions and expanding vision with products like Fusion. Later rounds provide context: by 2019 Series F, Lucidworks raised $100 million at a $370-374.62 million valuation, with Fusion doubling revenue year-over-year for three years prior and serving 400 Fortune 1000 companies including AT&T, Honeywell, and Uber. Total funding exceeded $200 million from investors including Francisco Partners, TPG Sixth Street Partners, and others. |
| May 2013 | Series C | Walden International; Granite Ventures; Shasta Ventures | $10M | - | - |
Who has invested in Lucidworks?
8 investors have backed Lucidworks across its funding rounds, including Shasta Ventures, Granite Ventures, AllegisCyber, Top Tier Capital Partners, Francisco Partners and Walden International.
Lead investors include Francisco Partners, Top Tier Capital Partners and AllegisCyber.
Lucidworks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | May 2013 | ||
| 3 | Participant | May 2013 | ||
| 2 | Lead | May 2018 | ||
| 2 | Lead | Nov 2015 | ||
| 1 | Participant | May 2018 | ||
| 1 | Participant | Aug 2019 | ||
This data is available for Pro users. Sign up to see all 8 Lucidworks investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Lucidworks
Lucidworks has acquired 2 companies to date.
Last acquisition by Lucidworks was on January 7th 2020. Lucidworks acquired Cirrus10 for undisclosed valuation.
Latest Acquisitions by Lucidworks
| Description | Cirrus10 is a consultancy firm focused on enterprise software for cloud migration, faceted search, content management, and portals. Located in Canada, it serves Fortune 500 companies and startups with implementation services for platforms like Solr, Elasticsearch, and Adobe Experience Manager. Cirrus10 delivers customized architectures that support e-commerce sites and knowledge bases for clients in retail and media industries. | Twigkit is a London-based software firm developing search and discovery applications for enterprise data. The platform unifies Elasticsearch backends to query CRM, e-commerce, and content sources for 360-degree views. Twigkit serves media companies like BBC and retailers with mobile-responsive UIs. Founded in 2013, it was acquired by Sinequa in 2018. |
| HQ Country | ||
| HQ City | Seattle, WA | Cambridge |
| Deal Date | 7 Jan 2020 | 10 May 2017 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Lucidworks acquisitions and their M&A valuation multiples. Start Free Trial | ||
Lucidworks Competitors
Lucidworks competitors include listed companies like Softcreate Holdings and Cafe24, and private ones like Numeral, Narvar, SIRCLO and Loop.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $221M | $52M | $354M | 1.3x | ||
| Private | $5M | - | $350M | 70.0x | ||
| Private | - | - | $345M | - | ||
| Private | - | - | $343M | - | ||
| Private | - | - | $340M | - | ||
| Publicly listed | $229M | $49M | $271M | 0.7x |
Lucidworks Public Comps
Lucidworks is still privately-owned, but its public comps include Softcreate Holdings, Locaweb, Commerce.com, Coveo Solutions, Cafe24, BASE, A2Z Cust2Mate, Youzan Technology, 91APP and THG.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $221M | $52M | 1.2x | 1.3x | 5.3x | - | |||
| $289M | ($31M) | 1.4x | 1.3x | (12.8x) | 5.4x | |||
| $342M | $2M | 0.8x | 0.9x | 176.3x | 8.8x | |||
| $148M | ($25M) | 1.2x | 1.2x | (7.3x) | 107.6x | |||
| $229M | $49M | 0.6x | 0.7x | 3.0x | 3.2x | |||
| $133M | $11M | 0.8x | 0.8x | 10.3x | 9.8x | |||
| $8M | ($35M) | 25.9x | 7.4x | (5.8x) | (14.3x) | |||
| $222M | $24M | 0.6x | - | 5.9x | - | |||
This data is available for Pro users. Sign up to see all Lucidworks competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Lucidworks
| When was Lucidworks founded? | Lucidworks was founded in 2007. |
| Where is Lucidworks headquartered? | Lucidworks is headquartered in San Francisco, CA, United States. |
| Is Lucidworks publicly listed? | No, Lucidworks is a private, VC-backed company. |
| What is Lucidworks' valuation? | Lucidworks was last valued at $370M in its Series F in August 2019. |
| How much funding has Lucidworks raised? | Lucidworks has raised $181M across 4 funding rounds. |
| What was Lucidworks' last funding round? | Lucidworks' last funding round was a $100M Series F in August 2019, led by Francisco Partners. |
| Who are Lucidworks' investors? | Lucidworks' investors include Granite Ventures, Shasta Ventures, Top Tier Capital Partners, AllegisCyber, Silver Lake Waterman, Sixth Street, Walden International and Francisco Partners. |
| Which companies are comparable to Lucidworks? | Companies comparable to Lucidworks include Softcreate Holdings, Numeral, Narvar, SIRCLO, Loop and Cafe24. |
| How many companies has Lucidworks acquired? | Lucidworks has acquired 2 companies, including Cirrus10 and Twigkit. |
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