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Utah-based visual design platform Lucid Software has raised $72 million funding round from new investors Meritech Capital and ICONIQ Capital, and existing partner Spectrum Equity. Before this funding, the company has raised around of $40 million in funding, which in total makes it around $114 million.
Second headquarters in Amsterdam!
With this funding, the company is said to accelerate its product development and global growth as well with plans to open its EMEA headquarters in Amsterdam in early 2019. At this moment, the company is reportedly expected to serve the company’s European, Middle Eastern and African customers.
LucidChart, a Visual productivity platform!
For the uninitiated, Lucidchart is a cloud-based solution; everyone can work visually and collaborate in real time while building flowcharts, mockups, UML diagrams, and more. This visual productivity platform helps anyone understand and share ideas, information, and processes with clarity.
15 million users from more than 180 countries
Moreover, the company also says that it attracts 700,000 new users per month, adding to a user base of over 15 million people in more than 180 countries and seven languages. It’s worth mentioning that ninety-six percent of the Fortune 500 use Lucidchart, and customers include Google, GE, NBC Universal and Johnson & Johnson.
“We were drawn to Lucidchart because of its visionary executive team, beloved product, rapidly expanding global footprint and relentless focus on a critical facet of the modern workplace – visual collaboration and communication,” said George Bischof, managing director at Meritech. “Lucidchart has built a truly impressive enterprise SaaS business, and we believe the future of workflows through Lucidchart.”
Aims to stand-out from competitors like Adobe and Microsoft Visio
The Utah-based visual design platform competes with the likes of Adobe, Microsoft Visio, SmartDraw and others. However, the company aims to stand out of the crowd by offering the users a combination of ease-of-use, access on any device or platform, real-time collaboration and advanced functionality including automating diagrams and combining them with external data sources. By the way, Lucidchart will continue to deliver its innovative visual reasoning platform to market, dramatically advancing users’ ability to understand complex systems, processes and ideas in ways that were previously not possible.
“Lucidchart is driven by the vision that when people think and communicate visually, we can work faster, collaborate more effectively, and be more innovative. Today, we’re grateful to add Meritech and ICONIQ as strategic partners and for Spectrum Equity’s continued support so that we can aggressively further that vision,” said Karl Sun, CEO and co-founder of Lucidchart. “Though Lucidchart started as a replacement for traditional, difficult-to-use diagramming applications, our ambitions have always been far greater. We are determined to make communicating visually an integral part of the future of work, ensuring that innovators everywhere can turn the best ideas into reality.”
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