Lucidity Secures $5.3 Million Seed Funding Round

Lucidity, a cloud storage orchestration platform, raised $5.3 million in a seed funding round led by AlphaWave Investments.

The funding round also saw participation from Beenext, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital. Previously, the start-up had closed a pre-seed round of $0.5 million led by Beenext and along with the founders of Tracxn, Hevodata, Ultrahuman, Cloud9, MosaicWellness and others.

It plans to continue its expansion plans, accelerating efforts towards international expansion and making enterprises cloud-ready with this seed round.

With the pandemic since 2020, enterprises have forayed to the cloud with 8 out of 10 organizations today, resorting to a lift and shift approach for a quick migration. However, on cloud, the skill curve and the tedious operations for managing a multi-cloud infrastructure has become a barrier. To ensure zero downtime to their operations, enterprises resort to over-provisioning. And yet with no real-life method to accurately predict these traffic peaks, 90% of the time enterprises are wasting 70% of their storage and still face downtime.

Lucidity is an AI-enabled software for cloud storage (AWS, Azure, GCP) which makes the multi-cloud storage economical, performant and effortless. It is bringing technology innovations that are aimed to bring the next paradigm shift to cloud infrastructure management. Its ‘cloud first architecture’ makes data management on cloud a lot smarter and intelligent and delivers a true “NoOps” experience.

Using Lucidity, DevOps reduces cloud storage cost by 70%, ensures zero downtime during surge web traffic, and delivers this value at a click of a button. 

Lucidity aims to target Fortune 500 companies globally with its services, especially those in the US market. Its Autoscaler, which enables automated capacity planning and storage provisioning, is live with a number of Fortune 500 companies. It provides firms the ability to automate cloud storage provisioning and reduces the devOps efforts required, all without any loss in performance.

Vatsal Rogoriand and Nitin Bhadauria

The firm was the brain-child of Vatsal Rastogi, who had gained experience working with various cloud infrastructures at Microsoft and Swiggy.

He teamed up with Nitin Bhaduria, who has spearheaded the growth of multiple SaaS platforms from scratch and the latest one was heading sales at Tracxn, a soon to be public company.

The duo established  Lucidity in 2021. Together, they want to address the global $5 billion market for cloud storage orchestration layer. 

Bhadauria said: “Post the pandemic, businesses flocked aggressively to the cloud to ensure BC. However, the vast majority  resorted to a ‘lift & shift of data’ approach for a quick migration. Whilst this provided a quick fix, they remain elusive of the ROI promised by cloud vendors. Lucidity is unlocking the ROI of cloud storage at a click of a button.”

He further added “70% of the storage costs are wasted today because of manual cloud management and risks of downtime. And to add to that challenge, the skill curve required to adopt a cloud-first culture with the teams becomes an added barrier. Lucidity is solving these problems and much more”.
 
Dirk van Quaquebeke, managing partner, BeeNext, said “Lucidity positions themselves at the interesting intersection of what I call cloud transient where large enterprises transition from on-prem to cloud and there is a lot of slack to be captured in terms of value. Lucidity is building something that will have a very strong Gfit in a market that is extremely large and global in nature. How Lucidity identifies and solidifies their problem statement alongside their clients gives us a lot of comfort in them.” 

Andrew C. Martinez, Alpha Wave Global, stated:” Lucidity makes cloud storage management, not only more streamlined and reliable, but also increases cloud storage performance while saving a significant amount of money. What was more impressive for us is that this wasn’t just a theoretical concept, but rather something on full display as PoCs with customers who are now onboarding on the Lucidity platform.“

About Lucidity
It is a trusted SDS NoOps orchestrator. It unlocks cloud block storage capabilities making cloud storage reliable, performant, and economical with zero effort. With its multi-cloud “Auto-Scaler”, it helps enterprises, DevOps and FinOps teams instantly observe their block storage to become 70% cheaper, 10x faster and eliminate downtime with zero code changes. It enables cloud optimization even for your legacy applications, as infra ops teams can now unlock cloud-native functionalities for block storage apps without any code changes.