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Lucid Raises $5 Million, Hopes to Take on Microsoft & Adobe

Lucid is a perfect illustration of the kind of innovation that we are seeing in Utah routinely.

Lucid Software, the company responsible for Lucidchart and Lucidpress, has raised $5 million in Series A funding. The company says the new capital will be used to help release “the stranglehold of a market that’s been controlled by Microsoft and Adobe for decades.”

“With the continued popularity of Lucidchart and the momentum we’re gaining with Lucidpress, now is the moment to dramatically scale our business and customer base,” Lucid Software CEO Karl Sun said in a statement. “Today’s workforce is moving away from enterprise monopolies to embrace a cloud-based ‘bring your own app’ world. We’ll use this funding to continue to hone in on the value of our tools and get them in the hands of more people.”

In 2011, Lucid raised a $1 million seed round led by Google Ventures and 500 Startups. Kickstart Seed Fund and Grayhawk Capital led the new Series A round of funding.

“The team at Lucid is ready to do big things with a unique perspective from outside Silicon Valley,” Gavin Christensen, Kickstart Seed Fund Managing Director, said in a statement. “Lucid is a perfect illustration of the kind of innovation that we are seeing in Utah routinely, with substance over hype, and scrappy teams focused on solving real customer problems with thoughtful products and a keen understanding of the user experience.”

With more than 2.3 million users in over 110 countries, Lucidchart is already one of the most popular productivity apps in the Chrome Web Store and Google Apps Marketplace. The company is headquarted in Salt Lake City and employs 50 people.

Published 5/29/2014