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LucidLink , a startup propose a platform that enables squad to shape on files without hold to download or sync them , today announced that it raised $ 75 million in a Series C round contribute by Brighton Park Capital with participation from Headline , Adobe Ventures and Baseline Ventures . The tranche brings LucidLink ’s total raise to $ 90 million — a sizable sum total for a company founded around seven year ago .
How , you might be asking ( like this writer ) , did a reposition startup raise virtually $ 100 million — and for what ? Well , 5x increment in yearly go back revenue over the past two eld might have something to do with it . As for how it plans to spend the money , LucidLink will “ accelerate ” its intersection and engineering development , customer acquisition and erect expanding upon efforts , CEO and co - founding father Peter Thompson recount TechCrunch in an email consultation .
“ LucidLink did n’t need to bring up capital , but rather , investor essay us out for investment funds due to our top - of - class KPIs and system of measurement for software - as - a - service companies , ” he said . “ In a sea of flat and down troll , the significant increase in valuation over our Series B in 2022 is a will to our secure performance , despite the grocery conditions . ” ( Thompson declined to disclose the accurate valuation , unfortunately . )
Thompson co - launched LucidLink in 2016 with George Dochev , whom he met while working at DataCore Software , a software package - defined storage developer based in Florida . While at DataCore , Dochev , a main member of the technology squad , often encounter challenge accessing files distributed among various physical placement . He built a solution , and , with Thompson , attempt to commercialise the technical school .
“ LucidLink is design to facilitate remote and hybrid squad of creative professional tackle a variety of complex use fount by enable quick approach to huge files and good veridical - time collaboration , ” Thompson tell . “ LucidLink has all-embracing applications across creative industries where collaborating on large files is an issue and has pick up winner in media and amusement , gaming , architecture , design , advert and marketing . ”
LucidLink let users to stream datum now from the swarm — or , more accurately , flow data file segments on need as needed by an app , like Adobe Premiere or Photoshop — meaning that they can use filing cabinet and folders the bit a teammate saves or updates them in a shared filespace . A single source of truth is hold open in the cloud , while frequently get at data is cached topically .
sporadically , LucidLink takes “ snap ” of the filespace , which allow users to repair old version of either individual data file or revert the intact filespace to an former point . The snap do n’t ask a sodding copy of all the data , but only what ’s changed — resulting in what Thompson describes as “ very efficient ” space use .
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“ The new hybrid work requires result designed for today ’s reality , ” Thompson said . “ Every other solution on the market focuses on moving data point around faster or preemptively through syncing , replication and creating multiple written matter … Our customers in the creative industries face particularly unmanageable problem because their workforce is more prone than others to be remote and hybrid , partner off with the fact that they ’re take with the largest file sizes — have coaction extremely clunky . The fact that LucidLink solves the job so elegantly is the reason for our rapid maturation . ”
LucidLink ’s customers admit the U.S. federal government as well as big - name firebrand like Adobe ( hence , presumably , Adobe Ventures ’ investment ) , A&E Networks , Whirlpool , Shopify , BuzzFeed and Spotify . enquire whether he was concerned about possible macroeconomic headwinds , Thompson say that San Francisco - base LucidLink , which has 123 employees , expects to pass on lucrativeness with the latest cash extract . ( I take that as a “ no . ” )
