After what it says is a period of strong growth and enterprise adoption for its SaaS solution that connects creative teams around the world, LucidLink has revealed that it has now raised $20 million from investors in a Series B funding round.
Headquartered in San Francisco, the company offers what it calls an “innovative” cloud-native file service designed specifically for extensive data access over distance. LucidLink Filespaces are designed to provide security and high-performance scalability to run file-based workloads on object storage for maximum efficiency and productivity. The service is compatible with Microsoft Azure Blob and any Amazon S3 compatible object storage provider that uses the cloud, on-prem or hybrid storage.
The latest funding comes after LucidLink saw 12% month-over-month growth resulting in over 400% revenue increase, 154% net customer retention and a doubling of its workforce. During this period, LucidLink also benefited from a 400% increase in storage capacity.
The new capital infusion was led by Headline’s global growth strategy in collaboration with existing investors Baseline Ventures and Bright Cap Ventures and new investor, Top Tier Capital Partners. This means to date LucidLink has raised $40 million. Other investors include Adobe, Bain Capital Ventures, S28 Capital and Fathom Capital.
LucidLink believes that its performance to date reflects a strong product market fit and wide technical lead in the cloud native remote collaboration space. The $20 million investment will fuel a number of growth priorities including the expansion of sales, marketing, and development teams.
“The progress we’ve made in growing the business over the past year proves LucidLink’s unique approach in solving the market need for a cloud-native file service targeting hybrid and remote collaboration - especially when dealing with big files and large sets of data,” said co-founder and CEO Peter Thompson (pictured left) . “We are ready to hit the accelerator and can think of no better partners with whom to do this than the investors we already have on board.”
“LucidLink is at the forefront of cloud service evolution, and has fulfilled the vision of truly accessible cloud storage," said Conrad Chu, partner at global venture capital firm Headline, a with a portfolio that includes notable companies like Segment, Gopuff, SEMrush, and Sonos. “The company has designed a revolutionary file system to handle today’s modern cloud-computing environment and distributed workstreams. A true testament to the explosive growth LucidLink has experienced thus far, we’re excited to continue working with them to expand their global customer base.”
The latest funding comes after LucidLink saw 12% month-over-month growth resulting in over 400% revenue increase, 154% net customer retention and a doubling of its workforce. During this period, LucidLink also benefited from a 400% increase in storage capacity.
The new capital infusion was led by Headline’s global growth strategy in collaboration with existing investors Baseline Ventures and Bright Cap Ventures and new investor, Top Tier Capital Partners. This means to date LucidLink has raised $40 million. Other investors include Adobe, Bain Capital Ventures, S28 Capital and Fathom Capital.
LucidLink believes that its performance to date reflects a strong product market fit and wide technical lead in the cloud native remote collaboration space. The $20 million investment will fuel a number of growth priorities including the expansion of sales, marketing, and development teams.
“The progress we’ve made in growing the business over the past year proves LucidLink’s unique approach in solving the market need for a cloud-native file service targeting hybrid and remote collaboration - especially when dealing with big files and large sets of data,” said co-founder and CEO Peter Thompson (pictured left) . “We are ready to hit the accelerator and can think of no better partners with whom to do this than the investors we already have on board.”
“LucidLink is at the forefront of cloud service evolution, and has fulfilled the vision of truly accessible cloud storage," said Conrad Chu, partner at global venture capital firm Headline, a with a portfolio that includes notable companies like Segment, Gopuff, SEMrush, and Sonos. “The company has designed a revolutionary file system to handle today’s modern cloud-computing environment and distributed workstreams. A true testament to the explosive growth LucidLink has experienced thus far, we’re excited to continue working with them to expand their global customer base.”
