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Lucidity Raises $5.3 Million In Seed Funding The fund raised will be used for company's extension plans, accelerating efforts towards international expansion and making enterprises truly cloud-ready

By Teena Jose

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Lucidity, a Cloud storage orchestration platform, has raised $5.3 million in a Seed funding round, led by AlphaWave Investments. The round also saw participation from Beenext, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital. The fund raised will be used for company's extension plans, accelerating efforts towards international expansion and making enterprises truly cloud-ready.

"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 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," said Nitin Bhadauria, co-founder, Lucidity.

Lucidity aims to target Fortune 500 companies globally with its services, especially those in the US market. The Lucidity Autoscaler, which enables automated capacity planning and storage provisioning, is live with a number of Fortune 500 companies, as per company statement.

"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," said Andrew C Martinez, Alpha Wave Global.

Founded in 2021 by Vatsal Rastogi and Nitin Bhaduria, Lucidity is an AI-enabled software for cloud storage which makes the 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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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