Utah software company Lucid now worth $3 billion

Company, based in South Jordan, just closed on a $500 million secondary investment.

(Lucid) The logo for Lucid, a software company based in South Jordan, Utah.

A South Jordan software company reports that it is worth $3 billion, after a secondary investment of $500 million from several firms.

Lucid, which specializes in visual collaboration software, announced Thursday that it had closed the $500 million investment. Some of the new investors include the firms Alkeon Capital, Tiger Global and Steadfast Capital Ventures.

Karl Sun, Lucid’s co-founder and CEO, said the company had “experienced unprecedented growth over the last year.” The company reported passing $100 million in annual recurring revenue in the first quarter of 2020, and saw record bookings this April — more than double what it had the previous year.

Lucid’s software products are designed, according to one of the company’s marketing videos, to “get everyone on the same page and move ideas forward.” The company’s software can create diagrams, flowcharts and other visual aids that coworkers can access online from wherever they’re working.

The company said that its “virtual whiteboarding solution,” called Lucidspark, has attracted 1 million users since it launched in October. The company’s other major product is Lucidchart, a diagramming application.

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