New York’s technology companies are riding a wave of growth, and they’re also getting a big dose of capital.
That investment has enabled them to acquire a number of cloud services and other companies, including Luminar Technologies, a cloud-computing startup that recently raised $12 million in funding.
The investment gives faith technologies a chance to grow from a relatively small startup to a $20 billion company.
In a year and a half, it will add more than $7 billion in annual revenue, according to data from eMarketer, the company that tracks companies that make money by analyzing the web.
That’s up from $4 billion in 2017.
The money comes from Luminar’s $2 billion Series B round of financing, as well as funding from investors including New York City Mayor Bill de Blasio, tech investors, and venture capitalists like Benchmark Capital and Kleiner Perkins Caufield & Byers.
In addition, the funds from Luminard, which is based in Palo Alto, California, will help Luminar build out its operations in a variety of cloud markets, including the US, the UK, Canada, Germany, Australia, and India.
“This is an exciting time for our company, which has already started to make waves with its work in a number and categories of industries,” Luminar CEO Jeff Broomfield said in a statement.
“This investment will enable us to bring more of our innovations to market in the coming years, and it will also provide us with the capital to take our vision to the next level.”
Luminar has been trying to build a competitive cloud-services market.
The company was founded by Broomfields former colleague and current CEO Rob Sperling, and is backed by a variety other angel investors, including Benchmark, Kleiner, and Fidelity.
Luminar is a leader in the space, which includes cloud-based applications that include enterprise and cloud-storage products.
For example, it has a suite of applications called the Lightroom Suite that allow photographers to store, edit, and share images in an easily accessible and personal way.
The Lightroom suite also offers a collection of other cloud services, including data storage, and other photo management tools, such as a photo management suite that can be installed on computers or smartphones.
Luminarc also has a portfolio of cloud-powered hardware and software products that include a photo editing app called Lightroom Lite, a photo-editing application called Lightstrip, and a photo sharing app called Image.
“In order to build the business and bring the product to market, we need the support of a diverse, global community of investors,” Sperler said in the statement.
Luminarc has raised $11.7 million in seed funding from private equity firms, including Union Square Ventures, the Carlyle Group, and The Carlyle Foundation.
That round is led by the former CEO of LinkedIn, Andy Rubin.
The company’s biggest investment, however, came from Benchmark.
The firm is one of the largest venture capital investors in Silicon Valley, and in February 2018 it joined Luminar and the other investors in a $100 million Series B to buy Luminar for $1 billion.
Benchmark has also made investments in other cloud-related companies like Facebook, Amazon, Google, and Salesforce.
That means Benchmark is also a major backer of Luminar.
The cloud-focused startup also has its eye on the future, and has already invested in the future of cloud computing.
Luminara announced a partnership with Microsoft on Tuesday, which will allow its employees to work on Azure, a popular Microsoft-owned cloud-platform.
“The Cloud will become more pervasive and flexible across all sectors, from healthcare to education,” said Sperli, in a press release.