Lucidya, a customer experience management platform located in Saudi Arabia, has raised $6 million in a round-headed by Rua Growth Fund, with participation from M.A.L Ventures and Al-Rashed Group, as well as other international venture capital firms. Existing Lucidya investors, including Venture Souq, also participated in the financing.
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.”
He added, “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.”
By analysing interactions across many online channels in one platform, Lucidya’s service enables businesses to better understand and serve their customers. All captured conversations are thoroughly examined using proprietary Artificial Intelligence (AI) and Arabic Natural Language Processing (NLP) technology to uncover insights that aid businesses in making data-driven decisions.
This round follows the B2B SaaS company’s outstanding performance, which saw it serve over 100 enterprise customers in more than six countries, resulting in a 5x year-over-year increase in annual recurring revenue (ARR) and placing it among the top 10% fastest-growing B2B SaaS companies globally, according to the industry’s benchmark.
In 2021, the global market for marketing technology solutions (MarTech) is expected to be worth $344.8 billion dollars, indicating the industry’s rapid expansion and the critical role that MarTech now plays in practically every firm. The possibility for Lucidya and its consumers is apparent in such a developing sector.
While practically every company is looking for ways to use Customer Experience to gain a competitive advantage, few are able to do so effectively today due to a lack of technology that understands Arabic interactions.
The money will be used to extend the company’s product line so that clients may get a greater range of benefits.
