Lucidya Successfully Closes $6 Million Second Round of Funding
- Round led by Rua Growth Fund with participation from Venture Souq, M.A.L Ventures, AlRashed Group (ARG), and other international Venture Capitals
- Funding will further support the development and enhancement of Lucidya’s customer experience management platform and expansion across the MENA region.
- Brands using Lucidya enjoyed an improvement of 200% in customer satisfaction on average.
Lucidya announces its second round of funding of $6 million led by Rua Growth Fund with participation from M.A.L Ventures and AlRashed Group, and other international Venture Capitals. Existing Lucidya investors also participated in the round, including Venture Souq.
Lucidya’s solution empowers organizations to understand and better serve their customers by analyzing interactions across different online channels in one platform. Powered by proprietary Artificial Intelligence (AI) and Arabic Natural Language Processing (NLP) technologies, all captured interactions are deeply analyzed to extract insights that help businesses in making data-driven decisions.
This round comes after an outstanding performance by the company, which managed to serve over 100 enterprise customers in more than 6 countries, fueling its annual recurring revenue (ARR) growth 5x year-over-year and making it among the top 10% fast-growing B2B SaaS companies globally, according to the industry’s benchmark.
The global market for marketing technology solutions (MarTech) is estimated to be worth $344.8bn in 2021, a figure which underlines the growth of the industry and the massive role that MarTech now plays in almost every organization. With such a growing market, the opportunity for Lucidya and its customers is undeniable.
While almost every business is exploring how they can use Customer Experience as a competitive advantage, very few are able to do so effectively today due to the lack of technologies that understands Arabic interactions.
The fund will be used to expand the company’s product offering to provide a wider range of values to its customers.
Abdullah Asiri, founder and CEO at Lucidya said; “We are on a mission to revolutionize customer experience in the MENA region. We are leveraging our Arabic-tailored AI to bridge the gap between businesses and their customers and make customer voices heard loud and clear. Seeing that brands using Lucidya enjoyed an improvement of 200% in customer satisfaction, on average, indicates that we are on the right track but we are not there yet. This funding will enable us to expand our offering and bring it to more markets, enabling more businesses to reap the benefits of AI-powered Customer Experience Management.”
“COVID-19 accelerated digital transformation and changed consumers’ behavior. Nowadays, most individuals interact with businesses through online channels (e-stores, social media, chat, emails, calls, etc.) and this trend is only expected to grow with time. This paradigm shift has resulted in an enormous and rapidly growing global customer demand for an omnichannel solution that leverages these interactions to improve customer retention. As a result, Lucidya is among the fastest-growing B2B SaaS companies in the world. Today, if any organization in Saudi Arabia wants to build a Customer Experience competitive advantage, Lucidya is essential. Soon this will be the case in the MENA region too”
Turki Aljoaib, Managing Partner at Rua Growth Fund said: “We at Rua Growth Fund believe that both, the Saudi market and the MENA region, have been underserved with technology solutions and services tailored to the local market. This has left significant gaps and opportunities for the digitization that can only be successfully filled by local players who understand the needs of the market and know how to deliver value to their customers. Lucidya, which is based in Saudi Arabia, is a prime example of this. Having developed their technology in-house by and for Arabic speakers, they serve the needs of the global market while also demonstrating the Kingdom’s potential of innovative tech entrepreneurs, which promises to be a key part of accelerating the Kingdom’s growing leadership in MENA’s tech revolution.”
Lucidya is an Enterprise B2B SaaS company that was founded in 2016 with a headquarter in Riyadh, Saudi Arabia. In a few years, the company managed to scale its customers base from Saudi to more than 6 countries including leading brands in different industries like Telecoms, BFSI, Automotive, FMCG, Retail, and others
Thanks to its unique and proprietary AI & Arabic NLP technologies, Lucidya provides the most accurate analysis of interactions in the Arabic language making Lucidya the #1 tool in its category by users rating in MENA
Rua Growth Fund is an early to growth stage venture capital fund, licensed and based in Riyadh, Saudi Arabia. Born out of a collaboration between Osool & Bakheet Investment Company, the first licensed asset management company in the Kingdom, and iMENA Group, one of the first venture firms in the middle east region.
Rua Growth Fund’s core thesis is to invest in tech and tech-enabled companies in Saudi Arabia and across the MENA region that have a clear growth strategy in Saudi Arabia that aim to revolutionize the way people and companies operate, live and partake in the digital revolution in the region.
A main pillar of the Rua’s core strategy is to be founder focused and an active investor to champion our star entrepreneurs and increase their chances of success. Rua aim’s to provide support beyond capital through leveraging the teams entrepreneurial & operational experience; as well as vast regional and global professional network for access to markets, capital and partnerships to further drive our partners growth.