LumApps raises $70M Collection C led by Goldman Sachs
LumApps, the cloud-based social intranet for the enterprise, has closed $70 million in Collection C funding. Main the spherical is Goldman Sachs Progress, with participation from Bpifrance through its Progress Fund Massive Enterprise.
Others collaborating embody Idinvest Companions, Iris Capital, and Famille C (the household workplace of Courtin-Clarins). The spherical brings the overall raised by the French firm to round $100 million.
Based in Paris again in 2012, earlier than launching at present’s proposition in 2015, LumApps has developed what it describes as a “social intranet” for enterprises to allow staff to higher knowledgeable, join and collaborate. The SaaS integrates with different enterprise software program resembling G Suite, Microsoft Workplace 365 and Microsoft SharePoint, to centralize entry to company content material, enterprise functions and social options underneath a single platform. The central premise is to assist corporations “break down silos” and streamline inside communication.
LumApps clients embody Airbus, Veolia, Valeo, Air Liquide, Colgate-Palmolive, The Economist, Schibsted, EA, Logitech, Toto, and Japan Airways, and the corporate claims to have achieved year-on-year income development of 100%.
“Our dream was to enable access to useful information in one click, from one place and for everyone,” LumApps founder and CEO Sébastien Ricard instructed TechCrunch when the corporate raised its Series B early last year. “We wanted to build a solution that bridged [an] intranet and social network, with the latest new technologies. A place that users will love.”
Since then, LumApps has added a number of new workplaces and has seven worldwide: Lyon, Paris, London, New York, Austin, San Francisco, and Tokyo. Armed with extra funding, the corporate will proceed including important headcount, hiring throughout engineering, product, gross sales and advertising and marketing. There are additionally plans to increase to Canada, extra of Asia Pacific, and Germany.
“We’re actually looking at hiring 200 people minimum,” Ricard tells me. “We’re growing fast and have ambitious plans to take the product to new heights, including fulfilling our vision of making LumApps a personal assistant powered by AI. This will require a significant investment in top engineering/AI talent globally”.
Requested to elaborate on what machine studying and AI might convey to a social intranet, Ricard says the imaginative and prescient is to make LumApps a private assistant for all communications and workflows within the enterprise.
“We see a future where this personal assistant can make predictive suggestions based on historical data and actions. Applying AI to prompt authors with suggested content, flagging important items that demand attention, and auto-archiving old content, are a few examples. Managing the massive troves of content and data companies have today is critical”.
Ricard additionally sees AI enjoying a giant position in information safety. “Employees have a high-degree of control with regard to data sharing and AI can help manage what employees can share in the workplace. This is more long-term but it’s where we’re headed,” he says.
“In the short-term, we’re making investments in automating as many workflows as possible with the goal of reducing or eliminating administrative tasks that keep employees from more productive tasks, including team collaboration and knowledge sharing”.
In the meantime, LumApps says it might additionally use a part of the Collection C for M&A exercise. “We’re growing fast and we’re looking at different areas for expansion opportunities,” Ricard says. “This includes retail and manufacturing and some business functions like HR, marketing and communications. We don’t have concrete plans to acquire any companies at the moment but we are keeping our options open as acquiring best-in-breed technologies often makes more sense from a business perspective than building it yourself”.