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Cloud storage is expensive (especially in this economy), but many companies often overprovision, cutting off their full return on investment. Lucidity was created with a set of automated tools to help you manage storage efficiently. The startup announced today that it has raised $5.3 million in seed funding. The round was led by AlphaWave Investments with participation from Binnext, Blume, Bold Capital and NuVentures.
The company raised $500,000 in pre-seed funding led by Beenext last year.
Lucidity says its “NoOps” (or fully automated) orchestration layer makes the company’s cloud block storage 70% cheaper and 10x faster, without any code changes. Manages storage availability while avoiding downtime during periods of increased web traffic.
Lucidity was founded last year by Vatsal Rastogi, whose previous roles include working as a developer at Microsoft Azure and with Indian online food delivery unicorn Swiggy and Nitin Bahadurya, formerly head of sales at Tracxn.
Bahaduria said many companies flocked to the cloud following the pandemic, but used a “lift and shift” approach, meaning they moved data and applications without upgrades. While this was the fastest approach, it led to oversupply and other issues that hurt ROI. It also led companies that previously stored data in on-premises servers to move to a cloud-first approach.
Lucidity’s customers are typically enterprise and upper mid-market companies that are in the process of “cloud temporary” or migrating their data from on-premises servers to the cloud.
Lucidity founders Vatsal Rastogi and Nitin Bahadurya
But companies often face new challenges after the move. For example, many overprovision their cloud storage, ensuring zero downtime, but still experience two to three storage outages per year and a shortage of trained cloud professionals.
“Imagine a house moving to a place with more affordable rent. But, once you move, you’ll find that your furniture sizes aren’t specified for your new home,” Bhaduria said. “The local school schedule is different and you’ll have a longer commute to work. In other words, to get more affordable rental benefits, you have to spend some large investments and time to decorate your home and plan your daily schedule and travel flexibly.
He added that Lucidity software can be deployed in 15 minutes, and devOps teams don’t have to reconfigure storage.
Baduria provided a couple of use cases that demonstrate how Lucidity works. The first retail and food distribution Fortune 500 company moved to the cloud four years ago, but hasn’t achieved the ROI promised by public cloud providers. As a result, the cloud storage was overprovisioned, but still experienced downtime during peak web traffic.
Lucidity’s orchestration layer found that 80% of its cloud storage was overprovisioned and used as a buffer. The company used Lucidity’s Auto-Scale tool to reduce this buffer to 20%, reducing their storage costs by 77%. Lucidity’s dynamic provisioning and capacity management features also help prevent downtime during peak traffic.
A second example is a C-level customer data management and data intelligence startup that needed to figure out the right size to provision their storage while preventing service interruptions due to cloud storage, but without using resource-intensive DevOps to continuously manage the storage. Rate based on changing workloads. Lucidity has been able to automate many of these tasks with its dynamic storage provisioning feature, and its automated scaling is helping the company maintain 75% to 80% utilization.
Lucidity has a “pay-as-you-go” monetization model, which means customers pay a flat management fee for the data the software manages. It is currently in the early stages of revenue and its customers include more than 10 enterprises in various stages of the product deployment life cycle.
The startup’s new funding will be leveraged on its go-to-market strategy in the United States, which Bahaduriya said is seeing significant traction. Lucidity has offices in New York, Bangalore and Abu Dhabi.
In a statement, Binnext Managing Partner Dirk van Kookubeke said, “Lucidity positions themselves at an exciting intersection of what I call the cloud transition, where large enterprises are moving from on-premise to the cloud and there is a lot to address in terms of cost. . Lucidity is building something very strong GTM compatible in a market that is huge and global in nature.
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