Frank Mergenthaler, Naples Technology Ventures' Advisory Board Member, industry leader & former EVP and Chief Financial Officer of Interpublic Group (IPG), joins the Board of Directors
PRESS RELEASE JAN 18, 2022 09:00 CST
MINNEAPOLIS, January 18, 2022 (Newswire.com) - Lucy, a market-leading AI-powered knowledge management solution built for Fortune 1000s, today announced $2.5 million in additional financing from Naples Technology Ventures and Rev1 Ventures. This completes their $6 Million Series A funding led by Dallas Venture Capital with participation from existing investors. The funds raised will be used to accelerate growth, add features, and enhance marketing efforts.
Frank Mergenthaler, Advisor at Naples Technology Ventures, will be joining Lucy's board. Mr. Mergenthaler brings years of leadership and enterprise experience to Lucy. His long-term record of achievement and value-creation will play an important role in elevating Lucy's approach to driving growth and value in the marketplace.
With 25% of a knowledge worker's time spent searching for files and systems for answers they cannot find, it is not surprising the global knowledge management market is expected to reach $1.4 trillion by 2027 according to StrategyR. Lucy is assisting organizations around the globe to easily access and leverage all of the data they own and license to solve this common challenge. The platform eliminates the burdens found with most competitive solutions by removing the tedious tasks of uploading, tagging and curating content through automation. In addition, Lucy is an Answer EngineSM delivering specific answers in response to users' questions versus a list of results to search through. Clients leverage Lucy in many areas, including Sales Enablement, Human Resources, Information Technology, Research & Insights, Product Development, Marketing, M&A, Operations, and Customer Service to name a few.
"Every team in an organization deals with challenges of finding information when it is needed. Hours are lost hunting, productivity is impacted, and efforts end up being duplicated. Flexible work environments exacerbate the issue. There is more of a need than ever for Lucy," said Dan Mallin, CEO of Lucy. "With the additional investment and expertise provided by our venture partners, we will be able to accelerate the growth of Lucy's ever-expanding client base and the team that enables her."
"We're thrilled to have made an investment in Lucy because of the impact they make within an organization. With the Lucy application, enterprises are able to save time and money, free up subject matter experts, and keep enterprise knowledge as people leave the organization," said Mike Abbaei, Managing Partner at Naples Technology Ventures.
Founded in 2016, Lucy is a one-stop AI-powered knowledge platform for all the data an organization owns and licenses. Built for the Fortune 1000, Lucy reads, listens, watches and learns all of the data that you share with her. She never leaves, never forgets and becomes smarter every day. Now in her third generation, Lucy was shaped by the needs of our clients and she continues to evolve with the market. Lucy exists to amaze, delight, and empower people with knowledge. For more information on Lucy, visit www.lucy.ai.
About Naples Technology Ventures
Naples Technology Ventures is a Venture Capital Firm that invests in early-stage technology and services companies. NTV looks for companies that show strong value-add and demonstrate being in emergent and/or expanding markets with both Software-As-A-Service (SaaS) and/or a Services-based model. NTV focuses on investments in Series Seed and Series A+ rounds. For additional information, visit www.naplestechnologyventures.com or email us at firstname.lastname@example.org.
About Rev1 Ventures
Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and corporations innovate. Based in the Midwest, Rev1 connects entrepreneurs to talent, customers, space, and funding, helping entrepreneurs build great companies. With a proven track record of success, Rev1 is the most active seed investor in Ohio for the past seven years. For more information, visit http://www.rev1ventures.com.
About Dallas Venture Capital
Dallas Venture Capital (DVC) is a Dallas/Irving, Texas-based venture capital company with a focus on investing in early-stage B2B software companies and ambitious entrepreneurs looking to partner with investors who have been in their shoes through hands-on support in the areas of product and market development. DVC was founded by Dayakar Puskoor, a pioneering Dallas-based venture capitalist with a record of investments in 24 companies and five exits to date. Some examples of DVC's investments include Lucy.ai, Rollick, plnar, Kore.ai, Altia Systems, HyperVerge, FelixHealthcare.AI, CoreStack, AmplifAI and Viviota. DVC has offices in Dallas, USA & Hyderabad, India. For more information on DVC, visit www.dallasvc.com.