Bangalore-based cloud storage orchestration platform Lucidity, which helps companies manage block storage more efficiently with a set of automated tools, has raised $5.3 million (approx. Rs 42 crore) in a seed funding round led by AlphaWave Investments.
The round also saw participation from other investors, including BEENEXT, Blume Ventures, BoldCapital, NuVentures, and Sparrow Capital. Previously, the startup raised $500,000 in pre-seed funding in 2021, led by Beenext along with the founders of Tracxn, Hevodata, Ultrahuman, Cloud9, Mosaic Wellness, and others.
It intends to use the raised capital to fuel its expansion and accelerate efforts toward international expansion.
Lucidity is an AI-enabled software for cloud storage (AWS, Azure, GCP) that makes multi-cloud storage economical, performant, and effortless. Its innovative ‘cloud first architecture’ makes data management on cloud a lot smarter and intelligent and delivers a true “NoOps” experience, according to a statement.
Nitin Bhadauria, co-founder of Lucidity, said: “Post the pandemic, businesses flocked aggressively to the cloud to ensure business continuity. 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.”
Andrew C. Martinez, Alpha Wave Global, said,” 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 proof of concepts with customers who are now onboarding on the Lucidity platform”