November 21 (SeeNews) - LucidLink, a U.S.-based, Bulgaria-active developer of a cloud-native real-time file-sharing platform for the creative industries, said that it picked up 75 million US dollars (68.5 million euro) in a Series C fundraising round led by US private equity firm Brighton Park Capital.
Major existing investors, including Headline, Baseline Ventures and Adobe Ventures, also took part in the fund-raiser, LucidLink said in a press release on Monday.
The fresh funds will enable the start-up to speed up the deployment of upgraded and new technology, grow its customer portfolio and enhance personalised product experiences for users in the creative industries, according to George Dochev, LucidLink co-founder and CTO. The company is also planning to expand into new verticals and markets.
Set up in 2016 by Dochev and Peter Thompson, the company is headquartered in San Francisco, California and also has offices in Sofia, as well as employees working remotely from North America, Europe and Australia.
The start-up developed a software-as-a-service (SaaS) platform which allows teams of creatives to access applications or complex project files of any type and size from different locations in real time.
"Legacy collaboration and storage solutions are not designed for this new hybrid workplace reality, and LucidLink is becoming the go-to solution for companies looking to future-proof their businesses," Thompson explained. He added that platform users have managed to increase productivity gains fivefold on "previously impossible workflows."
Adobe, A&E Networks, Whirlpool, Shopify, Buzzfeed and Spotify are some of LucidLink's clients, which also include Hollywood studios, major broadcasters, brands, digital advertising agencies, architectural firms and gaming companies. The company's technology was used in creating the Oscar-winning animated short film The Boy, the Mole, the Fox and the Horse.
Over the past couple of years, LucidLink saw a fivefold increase in annual recurring revenue and grew four times the number of users on its platform.
Last year, LucidLink raised 20 million US dollars in a Series B round led by Headline. The Series B round brought to 40 million dollars the total amount collected by the start-up since its seed round in 2017.
($ = 0.9137 euro)