Walkers advises Lucidya on the largest AI funding round in the Middle East

We have acted as Cayman Islands legal counsel to Lucidya in its record $30 million Series B funding round – the largest AI investment ever raised in the region.

Lucidya is the Middle East's leading AI-powered customer experience management (CXM) platform that serves clients across 11 countries in the region. At the heart of Lucidya's platform is a market leading proprietary Arabic-language AI engine.

The round was led by Impact46, the Saudi VC behind IPOs Jahez and Rasan. New participants included Aramco’s investment arm Wa’ed Ventures, government-backed, digital-innovation catalyst Takamol Ventures and SparkLabs. Existing investors Rua Growth Fund and ARG also returned.

Our Dubai-based team advised Lucidya on all Cayman Islands legal aspects of the transaction, working closely alongside lead counsel Latham & Watkins. Our team was led by partners Reghard Smith and Tom Cochrane and associate Tania Diab.

Reflecting on the significance of the fundraising round, partner Reghard Smith said: 'The strength and maturity of the Middle East’s venture capital ecosystem is no secret. But this fundraising underscores the growing global recognition of the region's tech leaders, such as Lucidya. We are proud to have supported them on this deal that sets a new benchmark for AI investment in the region.'