AI company Equals 3 Inc., which does business as Lucy, has closed on a $3 million round of venture capital led by Dallas Venture Capital, it announced last week.
Lucy is also the name of an AI platform that uses IBM Watson to help Fortune 500 companies manage their data. It has over 30 clients including large names like PepsiCo.
"This funding round positions Lucy for rapid expansion," Dan Mallin, Lucy's CEO and co-founder, said in a statement. The Minneapolis-based firm has 28 employees now, a number Mallin expects to double by the end of 2021 with the funding. It will especially look to grow its marketing and sales teams as it aims for 500% growth over the next 18 to 24 months, he said.
Equals 3 has now raised about $10 million in venture capital, according to Crunchbase. Other investors in this round weren't disclosed. About 10% of the round went to previous founders, Mallin said.
"We were immensely impressed with Lucy's success with [Fortune 500] enterprises with their market-leading solution that provides research and insights in an intuitive format from within huge volumes of unstructured enterprise data," Dallas Venture Capital Founder and Managing Partner Dayakar Puskoor said in a statement.
Lucy was founded in 2016 by Mallin along with Scott Litman and Marc Dispensa. Mallin and Litman, along with investor Skip Gage, were also the founders of marketing tech firm Magnet 360, which was sold to Indian IT company Mindtree in 2016 for as much as $50 million.
