Frank Mergenthaler, Member of the Advisory Board of Naples Technology Ventures, Industry Leader and Former Executive Vice President and Chief Financial Officer of Interpublic Group (IPG), Joins the Board
MINNEAPOLIS – January 18, 2022 – (Newswire.com)
Lucy, a market-leading AI-based knowledge management solution designed for the Fortune 1000, today announced an additional $2.5 million in funding 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. Funds raised will be used to accelerate growth, add features and improve marketing efforts.
Frank Mergenthaler, advisor at Naples Technology Ventures, will join Lucy’s Board of Directors. Mr. Mergenthaler brings years of leadership and business experience to Lucy. Her long-term track record of achievement and value creation will play an important role in enhancing Lucy’s approach to driving growth and market value.
With 25% of a knowledge worker’s time spent searching for files and systems to find answers they can’t find, it’s no surprise that the global knowledge management market is expected to reach $1.4 trillion. dollars by 2027. according to StrategyR. Lucy helps organizations around the world easily access and license all the data they own to solve this common challenge. The platform eliminates the burdens found with most competing solutions by removing the tedious tasks of uploading, tagging, and curating content through automation. In addition, Lucy is a response engineSM provide specific answers in response to user questions against a list of searchable results. Clients leverage Lucy in many areas, including sales enablement, human resources, information technology, research and information, product development, marketing, mergers and acquisitions, operations and customer service, to name a few.
“Every team in an organization faces the challenge of finding information when it is needed. Hours are wasted hunting, productivity is impacted, and efforts end up being duplicated. Flexible work environments exacerbate the problem. needs Lucy more than ever,” said Dan Mallin, CEO of Lucy. “With the additional investment and expertise provided by our venture capital partners, we will be able to accelerate the growth of the ever-expanding clientele of Lucy and the team that supports her.”
“We are delighted to have made an investment in Lucy because of the impact they have within an organization. With the Lucy app, businesses can save time and money, free up subject matter experts, and retain business knowledge as people leave the organization,” said Mike Abbaei, managing partner at Naples. Technology Ventures.
Founded in 2016, Lucy is a single AI-powered knowledge platform for all data an organization owns and licenses. Designed for the Fortune 1000, Lucy reads, listens, watches and learns all the data you share with her. She never leaves, never forgets and gets smarter every day. Now in its third generation, Lucy has been shaped by the needs of our customers and it continues to evolve with the market. Lucy exists to amaze, delight and empower people with knowledge. For more information about Lucia, 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 seeks companies that demonstrate high value and demonstrate that they are in emerging and/or expanding markets with both a Software-As-A-Service (SaaS) model and/or a software-based model. services. NTV focuses on investments in Seed and A+ series rounds. For more information, visit www.naplestechnologyventures.com or email us at [email protected]
About Rev1 Ventures
Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and businesses innovate. Based in the Midwest, Rev1 connects entrepreneurs to talent, customers, space and funding, helping entrepreneurs build great businesses. With a proven track record of success, Rev1 has been Ohio’s most active seed investor 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, TX-based venture capital firm focused on investing in early-stage B2B software companies and ambitious entrepreneurs looking to partner with investors who have been in their place thanks to practical 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 investing in 24 companies and five exits to date. Some examples of DVC investments include Lucy.ai, Rollick, plnar, Kore.ai, Altia Systems, HyperVerge, FelixHealthcare.AI, CoreStack, AmplifAI, and Viviota. DVC has offices in Dallas, USA and Hyderabad, India. For more information about DVC, visit www.dallasvc.com.
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