Utah software corporation Lucid now worthy of $3 billion

Enterprise, primarily based in South Jordan, just closed on a $500 million secondary expenditure.

(Lucid) The brand for Lucid, a computer software organization primarily based in South Jordan, Utah.

A South Jordan program company studies that it is value $3 billion, following a secondary investment decision of $500 million from quite a few corporations.

Lucid, which specializes in visible collaboration software program, declared Thursday that it had shut the $500 million expenditure. Some of the new buyers incorporate the corporations Alkeon Money, Tiger Global and Steadfast Money Ventures.

Karl Solar, Lucid’s co-founder and CEO, reported the company had “experienced unprecedented growth in excess of the last year.” The corporation noted passing $100 million in once-a-year recurring earnings in the very first quarter of 2020, and noticed history bookings this April — extra than double what it had the prior yr.

Lucid’s software package products are made, according to a single of the company’s promoting videos, to “get anyone on the very same web page and go suggestions ahead.” The company’s computer software can produce diagrams, flowcharts and other visible aids that coworkers can accessibility on the internet from anywhere they’re performing.

The corporation claimed that its “virtual whiteboarding option,” called Lucidspark, has attracted 1 million end users due to the fact it launched in October. The company’s other important product or service is Lucidchart, a diagramming software.

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