Lucidworks raises $100M to expand in AI-powered search-as-a-service for organizations
Summary
If the sheer amount of information that we can tap into using the internet has made the world our oyster, then the huge success of Google is a testament to how lucrative search can be in helping to light the way through that data maze. Now, in a sign of the times, a startup called Lucidworks, which has built an AI-based engine to help individual organizations provide personalised search services for their own users, has raised $100 million in funding. In an interview, Hayes said that what sets Lucidworks apart is how it uses machine learning and other AI processes to personalise those results after “sorting through mountains of data,” to provide enterprise information to knowledge workers, shopping results on an e-commerce site to consumers, data to wealth managers or whatever it is that is being sought. Today, around half of Lucidworks’ business comes from digital commerce and digital content — searches of the kind described above for products, or monitoring customer search queries sites like Red Hat or Reddit — and half comes from knowledge worker applications inside organizations. Interestingly, Hayes said that while it’s come up a number of times, Lucidworks doesn’t see itself ever going head-to-head with a company like Google or Amazon in providing a first-party search platform of its own.
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