- Funding will further support the development and enhancement of Lucidya’s customer experience management platform and expansion across the MENA region
- Brands using Lucidya enjoyed an improvement of 200% in customer satisfaction on average
Riyadh, Saudi Arabia: Lucidya, the Saudi-based customer experience management platform, has today announced its second round of funding of $6 million led by Rua Growth Fund with participation from M.A.L Ventures and AlRashed Group, and other international Venture Capitals. Existing Lucidya investors also participated in the round, including Venture Souq.
Lucidya’s solution empowers organizations to understand and better serve their customers by analyzing interactions across different online channels in one platform. Powered by proprietary Artificial Intelligence (AI) and Arabic Natural Language Processing (NLP) technologies, all captured interactions are deeply analyzed to extract insights that help businesses in making data-driven decisions.
This round comes after an outstanding performance by the B2B SaaS company, which managed to serve over 100 enterprise customers in more than 6 countries, fueling its annual recurring revenue (ARR) growth 5x year-over-year and making it among the top 10% fast-growing B2B SaaS companies globally, according to the industry’s benchmark.
The global market for marketing technology solutions (MarTech) is estimated to be worth $344.8bn in 2021, a figure which underlines the growth of the industry and the massive role that MarTech now plays in almost every organization. With such a growing market, the opportunity for Lucidya and its customers is undeniable.
While almost every business is exploring how they can use Customer Experience as a competitive advantage, very few are able to do so effectively today due to the lack of technologies that understands Arabic interactions.
The fund will be used to expand the company’s product offering to provide a wider range of values to its customers.
Abdullah Asiri, founder and CEO at Lucidya said; “We are on a mission to revolutionize customer experience in the MENA region. We are leveraging our Arabic-tailored AI to bridge the gap between businesses and their customers and make customer voices heard loud and clear. Seeing that brands using Lucidya enjoyed an improvement of 200% in customer satisfaction, on average, indicates that we are on the right track but we are not there yet. This funding will enable us to expand our offering and bring it to more markets, enabling more businesses to reap the benefits of AI-powered Customer Experience Management.”“COVID-19 accelerated digital transformation and changed consumers’ behavior. Nowadays, most individuals interact with businesses through online channels (e-stores, social media, chat, emails, calls, etc.) and this trend is only expected to grow with time. This paradigm shift has resulted in an enormous and rapidly growing global customer demand for an omnichannel solution that leverages these interactions to improve customer retention. As a result, Lucidya is among the fastest-growing B2B SaaS companies in the world. Today, if any organization in Saudi Arabia wants to build a Customer Experience competitive advantage, Lucidya is essential. Soon this will be the case the MENA region too”
Turki Aljoaib, Managing Partner at Rua Growth Fund said: “We at Rua Growth Fund believe that both, the Saudi market and the MENA region, have been underserved with technology solutions and services tailored to the local market. This has left significant gaps and opportunities for digitization that can only be successfully filled by local players who understand the needs of the market and know how to deliver value to their customers. Lucidya, which is based in Saudi Arabia, is a prime example of this. Having developed their technology in-house by and for Arabic speakers, they serve the needs of the global market while also demonstrating the Kingdom’s potential of innovative tech entrepreneurs, which promises to be a key part of accelerating the Kingdom’s growing leadership in MENA’s tech revolution.”
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.