Lightricks raises $135 million in series C funding on $1bn valuation
Lightricks has raised $135 million (£111.3m) in its latest series C funding round that it plans to use to develop and accelerate powerful AI enhanced solutions.
With this financing round, led by Goldman Sachs Private Capital Investing, along with other participants like Insight Partners and ClalTech, the Jerusalem-based software firm’s total financing to date amounts to £169m.
Lightricks will be using the raised funds to develop innovative AI enhanced content creation tools by making strategic acquisitions and expanding business across the globe. The company is also focusing on increasing its current headcount of 250 domestically, as well as in the UK and opening a third office in Germany.
Lightricks is known for developing various, award-winning photo and video editing apps, which are used by millions of consumers and businesses worldwide. The company has expanded its business successfully and quickly, triplicating the revenues every year over the past three years. It is one of the first app developers to pioneer the subscription-based model on the App Store.
Lightricks apps have been awarded with Best of Google Play, three Apple's App of the Year awards and the prestigious Apple Design Award.
Last November, London-based Engineer.ai raised more than £29m in funding. According to the company, its ‘Builder’ solution enables bespoke products to be created twice as fast and for less than a third of traditional software development costs. ‘Builder’ functions by getting people to work on a project when they’re not working on another gig from a network of over 31,000 developers and designers.
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