Lucy completes series A funding round
Lucy, provider of an AI-powered knowledge management solution, has announced $2.5 million in additional financing from Naples Technology Ventures and Rev1 Ventures. This completes the company’s $6 million series A funding led by Dallas Venture Capital with participation from existing investors. The funds raised will be used to accelerate growth, add features, and enhance marketing efforts.
With 25% of a knowledge worker’s time spent searching for files and systems for answers they cannot find it is not surprising the global knowledge management market is expected to reach $1.4 trillion by 2027, according to StrategyR.
Lucy seeks to help organizations around the globe to access and leverage all of the data they own and license to solve this common challenge by eliminating the burdens found with most competitive solutions by removing the tedious tasks of uploading, tagging, and curating content though automation. In addition, the company says, Lucy delivers specific answers in response to users’ questions versus a list of results to search through. According to the company, clients are leveraging Lucy in areas such as sales enablement, human resources, information technology, research and insights, product development, marketing, mergers and acquisitions, operations, and customer service, to name a few.
With the new funding, Frank Mergenthaler, an advisor at Naples Technology Ventures, will be joining Lucy’s board.
“Every team in an organization deals with challenges of finding information when it is needed. Hours are lost hunting, productivity is impacted, and efforts end up being duplicated. Flexible work environments exacerbate the issue. There is more of a need then ever for Lucy,” said Dan Mallin, CEO of Lucy. “With the additional investment and expertise provided by our venture partners, we will be able to accelerate the growth of Lucy’s ever-expanding client base and the team that enables her.”
For more information, go to www.naplestechnologyventures.com and www.lucy.ai.