Jeddah-based Arabic-focused social media monitoring tool Lucidya has raised ~$1.1 million (4 million Saudi Riyal) in Series A funding, the startup announced today, adding that the investment came from newly established Business Incubators and Accelerators Company, the Small and Medium Enterprises General Authority (Monshaat) who invested through their VC arm, Abu Nayyan Holding and some other investors from the region.
Founded by Abdullah Asiri, Hatem Kameli, Mohamed Milyani and Mazin Malibari in 2016, Lucidya is an AI-powered online tool that monitors social media, websites and blogs to offer realtime analytics through its dashboards to brands. The Arabic-focused platform enables companies to listen (read: observe) to the social media conversations about their brands and competitors, allowing them to keep an eye on their brand health.
The tool apart from brand monitoring, as Lucidya points out on its website, can also be used for market research, competitor analysis and bechmarketing, campaign measurement, crisis management, customer service, and product development. The platform is currently being used by brands, media companies, agencies, and not-for-profit organizations.
Lucidya’s Founder and CEO Abdullah Asiri commenting on the occasion, said,, “We’ve been able to raise this investment successfully due to the company’s outstanding performance and the substantial growth it has experienced in the last two years. This reinforces our positions among companies developing artificial intelligence powered technologies in the space of social media and digital channels analytics and monitoring. This investment will enable us to develop solutions and products at the highest standards.”
Co-founder Hatim Kameli in conversation with MENAbytes said that the company has been focusing on Saudi market until now but with this latest investment they want to expand and dominate the entire GCC.
The investment will be used for product development, marketing, and expansion of their team, he added.
Last year, a similar Dubai-based platform Crowd Analyzer had also raised almost the same amount of money in their Series A.
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