Lucid Commerce, a Seattle-based provider of on-demand business intelligence, has raised $2.5 million in Series A funding led by OVP Venture Partners.
Lucid Commerce, an industry-leading provider of on-demand business intelligence, announced today it has raised $2.5 million in Series A funding in a round led by OVP Venture Partners. The funding will be used to add capacity, scale the company's operations and enable it to meet demand for its services.
“The funding and expertise
that OVP brings will accelerate the enhancement of our existing platform, allowing us to deliver more value to our clients while penetrating additional channels for our services,” said Tyson Roberts, co-founder and President of Lucid Commerce.
“Technology has finally caught up to the old marketing panacea of 1:1 marketing,” said OVP Venture Partners Managing Director Lucinda Stewart, who will join Lucid's Board of Directors. “The next key will be simplicity and results for the marketer. Lucid Commerce is bringing to market an analytics solution that ties online and offline insights into actions for the marketer, immediately impacting their bottom line — a powerful value proposition tied to results. Their solution will do for data warehousing and analytics what Cost per Click did for online performance marketing.”
This round of financing was led by OVP Venture Partners and also included key partners and advisors. One such advisor, Neil V. Sunderland, is Chairman of Adconion Media Group Limited and Xing AG (DAX). He is Executive Chairman of Adinvest AG and specializes in promoting rapidly growing internet/mobile/digital media businesses.
For direct marketers accustomed to the delays and inaccuracies of manual consolidation and the high costs of in-house data warehousing, Lucid offers a powerful solution that combines clear insights with visible results.
“Lucid has brought greater clarity to our business, making the data meaningful and helping us maximize our success,” said Vicky Sroloff, Executive Vice President of Marketing for Modern Media.
About Lucid Commerce
Founded in 2005, Lucid Commerce provides on-demand business intelligence that combines automatic data consolidation, organization, and analysis for direct marketing companies. Lucid provides the clear insights and visible results that direct marketers need to make smart, confident decisions. www.lucidcommerce.com
About OVP Venture Partners
Now celebrating its 25th year, OVP Venture Partners has been leading the drive into new, high-growth technology markets in the Pacific Northwest since 1983. OVP makes early-stage investments in communications, software, digital media, security, semiconductors, digital biology, cleantech and nanotechnology. The firm's record of 52 liquidity events – including 22 IPOs – leads the region. OVP has over $750 million in capital under management and is currently investing its seventh fund. OVP has offices in Seattle, WA, and Portland, OR. www.ovp.com.