Cloud storage platform Lucidity has raised $5.3 million in seed funding led by AlphaWave Investments. Other marquees such as Beenext, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital also participated in the round.
The startup will use the funding to support expansion plans and accelerate its international expansion efforts.
Founded in 2021 by Vatsal Rastogi and Nitin Bhadauria, Lucidity is an AI-powered cloud storage software that enables its clients to directly manage their cloud infrastructure economically and efficiently. It enables its customers to automate cloud storage provisioning and reduces human intervention throughout the work cycle.
Lucidity says it has monetized its offerings from day one and charges a “management fee” for every gigabyte (GB) of data it manages.
In response to an inquiry, Bhadauria said the startup is currently “very selective” about the customers it works with, adding that its products will be open to the wider public early next year.
Lucidity can currently be deployed in three major cloud services, namely Amazon Web Service (AWS), Microsoft’s Azure, and Google Cloud Platform.
Vatsal Rastogi, Co-founder of Lucidity, said, “We’re a deep technology company, we have to make a lot of investments upfront when it comes to the product. Also, what we build takes time and we need time to do it. A major focus of the funding round will be on expanding our engineering team and strengthening our go-to-market (GTM) strategy.”
Rastogi added, “We are coming in as an organization that has built a fully autonomous solution that is capable of solving all cloud infrastructure mismanagement from cost to resource utilization.”
Nitin Bhadauria, Co-founder of Lucidity, said, “The startup plans to spend on marketing, brand awareness and expands innovation. He further added that the startup intends to open a branch in the US (New York) to better cater to its global clients and target more high-value clients in the country.
Dirk Van Quaquebeke, Managing Partner at BeeNext, said, “Lucidity is building something that will have a very strong GTM position in a market that is extremely large and global. How Lucidity identifies and solidifies their problem statement with their clients gives us a lot of comfort in them.”