Enterprise intranet startup LumApps closes $70M round led by Goldman Sachs
In the age of Slack, enterprise collaboration startups are attracting strong interest from the venture capital community. The latest example is LumApps SAS, a French intranet provider that today revealed it has closed a $70 million funding round led by Goldman Sachs Group Inc.’s growth equity arm.
LumApps’ Series C round comes the same morning that fellow collaboration startup Front Inc. announced a $59 million raise. Front, which launched in France and lately relocated to the U.S., provides a shared inbox that is used by workers such as customer support representatives.
LumApps’ namesake intranet platform is a kind of internal homepage for an organization’s employees. It functions as a news portal through which the company leadership can communicate news like changes to the corporate stock compensation program. In addition, LumApps allows workers to access productivity applications such as Outlook and Google Drive centrally inside the interface, as well as create alerts to notify them about new messages.
Teams can create customized pages within the intranet to share information specific to their work. A page might consist of a calendar with upcoming meetings, internal forum posts and a Google Drive folder that contains materials relevant to the current project.
Users can also find people outside their group using a directory that makes it possible to filter colleagues based on skills. A development team working on, say, an accounting automation tool for internal use could employ LumApps to find employees at the finance department and request their feedback on the software.
LumApps’ customers include Tibco Software Inc., Japan Airlines and Logitech International SA. Chief Executive Officer Sébastien Ricard told TechCrunch that the startup’s plan in the wake of the funding is to hire “200 people minimum” to support growth initiatives.
One of the main items on LumApps’ agenda is incorporating artificial intelligence into its platform. The startup will build AI features to highlight important items for users prevent and sensitive data from accidentally being shared in a way that may violate security or privacy policies.
LumApps has raised $100 million in funding to date.
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