Lucy, the knowledge management company formerly known as Equals 3 Inc., announced Tuesday it raised $2.5 million from Naples Technology Ventures and Columbus-based Rev1 Ventures.
The most recent investment completes the Minneapolis-based company's $6 million Series A funding round led by Dallas Venture Capital with participation from existing investors.
The company said in a statement the funding will be used to accelerate growth, add features and enhance its marketing efforts.
The company also announced it was adding Frank Mergenthaler, advisor at Naples Technology Ventures, to its board.
Lucy is named after its AI platform that uses IBM Watson to assist organizations in accessing data. The company's Fortune 1000 clients use the platform in sales enablement, human resources, IT and customer service.
"Every team in an organization deals with challenges of finding information when it is needed. Hours are lost hunting, productivity is impacted and efforts end up being duplicated. Flexible work environments exacerbate the issue. There is more of a need than ever for Lucy," said Dan Mallin, CEO of Lucy. "With the additional investment and expertise provided by our venture partners, we will be able to accelerate the growth of Lucy's ever-expanding client base and the team that enables her."
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.
