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.
The company offers AI-enabled software for cloud storage (AWS, Azure, GCP) which makes multi-cloud storage economical, performant and effortless. It claims to make companies’ cloud block storage 70% cheaper and 10x more efficient without any changes in code. It essentially manages storage provisioning while avoiding potential downtime when the company experiences heavy traffic on its website.
Besides Bengaluru, it has presence in New York, and Abu Dhabi and offers “pay-as-you-use” plans. At present, it claims to have 10 enterprise clients but the company is currently in the early revenue stage.