Business Business Stories Interviews Investment Start-up Stories Technology

Cloud storage orchestration platform Lucidity raised $5.3 million in seed led by AlphaWave Investments

The Bangalore-based cloud storage orchestration platform Lucidity has raised $5.3 million (about Rs 42 crore) in a seed fundraising round headed by AlphaWave Investments. Lucidity helps businesses manage block storage more effectively through a set of automated tools.

Other investors, such as BEENEXT, Blume Ventures, BoldCapital, NuVentures, and Sparrow Capital, also took part in the round. Prior to this, the startup raised $500,000 in pre-seed funding in 2021 with the help of the creators of Tracxn, Hevodata, Ultrahuman, Cloud9, Mosaic Wellness, and other companies. Beenext led this round of fundraising.

It plans to use the funds raised to speed up its efforts to expand internationally and to accelerate its expansion.

Multi-cloud storage is affordable, effective, and simple with Lucidity, an AI-enabled cloud storage software (AWS, Azure, GCP). According to a statement, its ground-breaking “cloud first architecture” gives users a real “NoOps” experience and makes data management on the cloud much smarter and intelligent.

Co-founder of Lucidity, Nitin Bhadauria, 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”

English »