Almost a year to the day after its $12 million A-round, LucidLink, which presents public cloud object storage as local files, has taken $20 million in B-round funding.
Since the first capital injection, LucidLink, operating in the cloud-native remote collaboration space, says it has sustained 12 percent month-over-month average growth resulting in a 400 percent revenue increase, and a doubling of its workforce. It also provided a 400 percent increase in storage capacity. The actual financials are not publicly available to vertify.
Co-founder and CEO Peter Thompson said in a statement: “The progress we’ve made in growing the business over the past year proves LucidLink’s unique approach in solving the market need for a cloud-native file service targeting hybrid and remote collaboration – especially when dealing with big files and large sets of data. We are ready to hit the accelerator.”
He previously said in early 2021 that following the pandemic when people across parts of the world were forced to work remotely, “many customers completely replaced their on-prem, high-performance NAS filers, and love the results.”
The new funding was led by Headline in collaboration with existing investors Baseline Ventures and Bright Cap Ventures. LucidLink has raised $40 million to date. The $20 million will pay for the expansion of its sales, marketing, and development teams, particularly the technical engineering team. It is hiring across departments and geographies.
LucidLink’s SaaS-based Filespaces software presents on-premises applications with instant access to large S3 and Azure Blob-stored datasets over long distances, without consuming local storage apart from caching the current data needed. It also works with on-prem Cloudian object stores. The company’s agent software supports all major operating systems including Linux, Windows, and macOS.
Co-founder and CTO George Dochev said: “We’ve put together an exciting roadmap significantly extending the lead we’ve already built-in addressing how people and companies utilize the cloud to solve tough remote collaboration problems.”
Through having a file system with remote access to a central object store, a NAS replacement angle, and aiming at collaboration, LucidLink is invading a market occupied by CTERA, Egnyte, Nasuni, and Panzura, and may differentiate itself through edge site file access speed. The details of its original acceleration technology can be read here.
A newer metadata streaming tech was introduced earlier this year with Filespaces v2.0, which has algorithms that allow optimal and encrypted metadata streaming over the internet, using minimal system overhead and compressed traffic. Local caches only use the metadata they need, avoiding unnecessary use of local machine resources. LucidLink says real-time collaboration on massive media files – from home or the office – has never been more accessible in enterprise-scale organizations.
A snapshots feature provides instant restores of individual files or entire Filespaces.