Lucidworks announced Monday it raised $100 million from three investment firms to further its growth in enterprise and commerce search capabilities using artificial intelligence (AI).
“Search is the best way to unlock value from the world’s data,” Lucidworks CEO Will Hayes in a statement. “Our team has worked tirelessly to develop AI-powered solutions that augment human intelligence by automating tedious, time-consuming tasks to provide richer insights and real-time recommendations. With this investment, we can continue to advance the enterprise standard for personalization and AI.”
The investors announced are Francisco Partners, TPG Sixth Street Partners and Top Tier Capital Partners.
Lucidworks makes Fusion, which has doubled revenue every year for the past three years and now serves 400 of the Fortune 1000 companies. Customers include AT&T, Honeywell, Morgan Stanley, Red Hat, Reddit, Staples, Uber and the U.S. Census Bureau.
Fusion lets customers bring relevant and personalized search results to end users across various verticals. In the future, the company hopes to create tailored applications to search specific data sources within an enterprise. The company has grown from 125 employees in 2018 to 300 today.
AI capabilities are being used in a range of Industrial IoT applications, and AI software is being embedded into components used in various verticals.