Saudi-based AI powerhouse Lucidya has announced a landmark $30 million Series B funding round, marking the largest Series B investment ever secured by an Artificial Intelligence company in the MENA region. This significant capital injection underscores the burgeoning investor confidence in the region’s deep tech capabilities and positions Lucidya at the forefront of the global customer experience intelligence market.
By the Numbers
- Lucidya secured $30 million in its Series B funding round.
- The company has achieved triple-digit annual growth since its founding in 2016.
- Lucidya serves over 100 enterprise clients across the MENA region.
- The team comprises 120 professionals dedicated to AI innovation.
Pioneering AI-Powered Customer Experience
Lucidya’s record-breaking Series B round was led by the growth fund of Wa’ed Ventures, the venture capital arm of Saudi Aramco, with co-leadership from Nama Ventures. Additional participation came from a strong consortium of regional and international investors, including Access Bridge Ventures, AlJabri family, The Impact Fund, Shira Group, VentureSouq, Sukna Global, and RZM Investments.
The company specializes in an AI-driven platform that provides comprehensive customer experience (CX) and brand perception intelligence. By leveraging advanced Natural Language Processing (NLP) and Machine Learning (ML), Lucidya’s technology analyzes vast datasets from diverse sources, including social media, online reviews, call center interactions, and emails. This deep analytical capability allows businesses to gain real-time, actionable insights into customer sentiment and market trends.
In an increasingly competitive global landscape, understanding the voice of the customer is paramount. Lucidya’s omnichannel listening capabilities provide businesses with a 360-degree view of their customers, enabling them to make data-driven decisions that enhance product development, refine service offerings, and optimize marketing strategies. The platform’s ability to offer competitor analysis and identify emerging trends provides a critical strategic advantage for enterprises operating in dynamic markets.
Strategic Growth and Market Dominance
The new capital will be instrumental in fueling Lucidya’s ambitious growth plans. A significant portion of the funds will be allocated towards expanding its global footprint, enhancing its cutting-edge AI capabilities, and developing new solutions that address evolving market needs. This investment is a testament to Lucidya’s consistent performance, having demonstrated triple-digit annual growth since its inception in 2016.
Lucidya’s impressive client roster includes more than 100 enterprise clients, spanning major banks, telecommunications companies, and government entities across the MENA region. This widespread adoption underscores the platform’s effectiveness in helping organizations reduce customer churn, increase sales, and significantly improve their overall customer satisfaction scores. The company’s success highlights a broader trend within the MENA startup ecosystem: the increasing maturity and global competitiveness of its deep tech ventures, especially in Saudi Arabia, which is actively pursuing digital transformation under Vision 2030.
“This Series B funding round is a pivotal moment for Lucidya, enabling us to accelerate our mission of empowering businesses with unparalleled customer intelligence,” stated Abdullah Al-Ghamdi, CEO and co-founder of Lucidya. “The trust placed in us by our investors, particularly Wa’ed Ventures and Nama Ventures, validates our vision and the immense potential of AI to transform how companies connect with their customers. We are poised to expand our reach and solidify our position as a global leader in CX intelligence.”
About Lucidya
Founded in 2016 by Abdullah Al-Ghamdi (CEO) and Bassam Al-Munaifi (CTO), Lucidya is a Saudi Arabian technology company specializing in AI-powered customer experience and brand perception solutions. The company’s platform utilizes advanced Natural Language Processing and Machine Learning to analyze vast amounts of customer data from various digital and traditional channels. Lucidya provides actionable insights that help businesses understand customer sentiment, track brand reputation, identify market trends, and make informed decisions to enhance customer satisfaction and drive growth. Headquartered in Riyadh, Lucidya has quickly grown to serve over 100 enterprise clients across the MENA region, becoming a key player in the regional AI landscape.
Looking Ahead
This record-setting investment not only propels Lucidya into a new phase of expansion but also signals a robust future for AI innovation within the MENA region. As Saudi Arabia continues its push towards a knowledge-based economy through initiatives like Vision 2030 and significant investments in AI infrastructure, companies like Lucidya are well-positioned to capitalize on this supportive ecosystem. The focus will now shift to Lucidya’s execution of its global expansion strategy and its continued innovation in AI technologies. This funding could also inspire more substantial investments in other deep tech startups across the region, fostering a more vibrant and competitive global tech hub.
Source: Wamda
