AI-powered social media analytics platform Lucidya has announced the closing of its Series A round. Led by Business Incubator & Accelerator Company and Monsha’at, the round added more than $1.1 million to the startup’s kitty. Other contributors that participated in the Series A round include Abunayyan Holding, along with a couple of other investors.
Lucidya uses its proprietary AI technology to assist enterprises in leveraging social networking sites to gather business intelligence and analytics. Abdullah Aseeri, founder and CEO of Lucidya, attributed the success of this latest funding round to the company’s excellent performance and growth over the past couple of years.
Within two years of its foundation, Lucidya has received a number of awards for its innovative AI products that guarantees real-time analytics for social media platforms.
“The investment will help us develop and enhance our products and tech solutions to the highest international standards,” Abdulla stated.
Meanwhile, Hatem Kameli, co-founder, and CMO of Luciyda, said that the funding from the latest round will help the company strengthen its position in the target market by providing it with more resources to expedite customer acquisition, while simultaneously allowing it to explore more opportunities.