Lucid reveals a $1 billion horn and $52 million in new funding
Summary
SOUTH JORDAN — Visual communication innovator Lucid announced a new $52 million funding round Thursday with ICONIQ Capital leading a group of national and local investors. Lucid co-founder and CEO Karl Sun said the company, which created the Lucidchart and Lucidpress software tools, has also breached two significant growth benchmarks, including surpassing $100 million in recurring annual revenues and earning a new valuation north of $1 billion. “I was trying getting involved in the angel community, which was very nascent at the time, and the seed funding environment, which was virtually nonexistent,” Sun told the Deseret News for a profile story last year. Sun jumped in as Lucid’s first investor and not long after joined Dilts and a third founder as CEO for the fledgling effort that began life in a small Utah County office. Since that time, Lucid has become a leader in its product category and continues to attract funding — the company’s net investment backing has grown past $160 million with the latest infusion — while growing market share both in the U.S. and globally.