This past week was relatively quiet within Utah’s business community, news-wise, and then all heck broke loose Thursday morning with the news that South Jordan, Utah-based Lucid has raised over $500 million in a “secondary investment.”
According to the company news release, the investment places a $3 billion valuation on Lucid and makes it a “Unicorn” three-times over.
NOTE: If memory serves me correctly, this $500 million round of funding is the largest ever in Utah for a privately held firm.
Leading the investment round were Alkeon Capital, Tiger Global and STEADFAST Capital Ventures, with additional participation from the following prior investors:
- Spectrum Equity,
- ICONIQ Capital,
- Meritech Capital,
- Grayhawk Capital, and
- Kickstart (headquartered in Cottonwood Heights, Utah).
In April 2020, Lucid announced it had raised $52 million in a Series D round of funding that gave the company a $948 million pre-money valuation, which (if you’re paying attention), means that on a post-money basis Lucid was valued at the time at a cool $1 billion.
Tripling its value in a bit over one year, however, is pretty impressive and was likely driven in large part by the fact that Lucid hit $100 million in Annual Recurring Revenue (ARR) in the first quarter of 2020.
Additionally, the news release explained that Lucid saw
“… record bookings in April 2021, with growth up over 100% from the prior year.”
In total, Crunchbase reports that Lucid has raised just over $670 million since its formation in 2010.
So … what does Lucid do? Lucid provides online design tools to help
“… teams (and individuals) to see and build the future from idea to reality.”
What does that mean? Lucidspark is a virtual whiteboard application, while Lucidchart“is an intelligent diagramming application.”
To me, the YouTube commercial below showcases some of the capabilities of Lucidchart in a humorous way, whether or not you like cats — or kitters. Enjoy!
NOTE: This article was originally published by Deseret Business Watch. A few minor editorial changes have been made with this version to better match the current Silicon Slopes writing style.
