Lucid Software

Lucid Software Inc., best known for its flagship product Lucidchart, is a Utah-based maker of visual collaboration software for diagramming, whiteboarding, and cloud-architecture visualization. Founded in 2010 by Ben Dilts and Karl Sun, the company is headquartered in South Jordan, Utah, with additional offices in Raleigh, North Carolina; Amsterdam; Melbourne; and Hamburg. Its product line has grown from the original Lucidchart diagramming tool to include Lucidspark, a virtual whiteboard launched in 2020; Lucidscale, a cloud-infrastructure visualization tool introduced in 2021; and airfocus, a product-management tool. Lucid says its products are used by more than 100 million individual users across over 180 countries, and that 99% of Fortune 500 companies are customers.

Lucid operated for roughly its first eight years on a $1 million seed round raised in 2011 from 500 Startups, 2M Companies, K9 Ventures and angel investors before taking further institutional capital. In October 2018 it closed a $72 million funding round from Meritech Capital, ICONIQ Capital and Spectrum Equity, and in April 2020 it closed a further $52 million round that Crunchbase News and Deseret News both reported pushed the company past a $1 billion valuation and $100 million in annual recurring revenue. In June 2021, Lucid received a $500 million-plus secondary investment — a purchase of existing shares from current holders rather than new primary capital raised by the company — that valued Lucid at $3 billion. Dave Grow serves as chief executive officer, with co-founder Karl Sun chairing the board and co-founder Ben Dilts serving as chief engineer; Kimberly Jabal joined the board in July 2021. Lucid remains an independently held private company with no announced IPO or acquisition.