Lucidity, a cloud storage orchestration platform, has raised $5.3 million in its seed round led by AlphaWave Investments. Beenext, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital have also joined the round.
The startup plans to use the proceeds for overseas expansion, hiring and making enterprises cloud-ready, the company said in a press release. Previously, Lucidity had closed a pre-seed round of $500K led by Beenext and along with the founders of Tracxn, Hevodata, Ultrahuman, Cloud9, MosaicWellness and others.
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 and shift of data’ approach for 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 was not just a theoretical concept, but rather something on full display as proof of concepts with customers who are now onboarding on the Lucidity platform”.
Founded in 2021 by Vatsal Rastogi and Nitin Bhaduria, Lucidity is an AI-enabled software for cloud storage that makes multi-cloud storage economical, performant and effortless. Lucidity is bringing new technology innovations that are aimed to bring the next paradigm shift to cloud infrastructure management.