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Cloud storage is dear (especially in this economy), however many corporations usually over-provision, reducing their full return on funding. Lucidity was created to assist them handle block storage extra effectively with a set of automated instruments. The startup introduced at this time that’s has raised $5.3 million in seed funding. The spherical was led by AlphaWave Investments with participation from Beenext, Blume, Daring Capital and NuVentures.
The corporate beforehand raised $500,000 in pre-seed funding final yr led by Beenext.
Lucidity says its “NoOps” (or fully automated) orchestration layer could make an organization’s cloud block storage 70% cheaper and 10x sooner, with none code modifications. It handles storage provisioning whereas eliminating potential downtime throughout surge net site visitors.
Lucidity was based final yr by Vatsal Rastogi, whose former roles embrace working as a developer at Microsoft Azure and with Indian on-line meals supply unicorn Swiggy, and Nitin Bhaduria, former head of gross sales at Tracxn.
Bhaduria says that many corporations flocked to the cloud within the wake of the pandemic, however used a “carry and shift” strategy, which means that they moved information and apps with out modifications. Whereas this was the quickest strategy, it resulted in over-provisioning and different points that damage ROI. It additionally made it tougher for corporations that had beforehand saved information in on-premise servers to transition to a cloud-first strategy.
Lucidity’s clients are sometimes enterprise and higher mid-market corporations that “cloud transient,” or within the strategy of shifting their information from on-premise servers to the cloud.
Lucidity founders Vatsal Rastogi and Nitin Bhaduria
However corporations usually find yourself coping with new challenges after the transfer. For instance, many over-provision their cloud storage within the hopes of making certain zero downtime, however nonetheless face storage outages two to 3 occasions a yr, plus a scarcity of skilled cloud professionals.
“Consider it as a home transfer to a spot with extra reasonably priced lease. Nonetheless, when you shift, you notice your furnishings dimensions aren’t specified to your new residence,” Bhaduria mentioned. “The neighborhood faculty schedule is completely different and also you face an extended commute to work. In different phrases, to accrue the advantages of extra reasonably priced lease, you’ll have to put in some sizable investments and time to redecorate your home and dynamically plan your every day schedule and commute.”
He added that Lucidity’s software program could be onboarded in quarter-hour and DevOps groups by no means should configure storage once more.
Bhaduria gave a pair use instances that present how Lucidity works. The primary is a retail and meals distribution Fortune 500 firm that moved to the cloud 4 years in the past, however didn’t get the ROI promised by public cloud suppliers. Consequently, its cloud storage was over-provisioned, however nonetheless skilled downtime throughout net site visitors surges.
Lucidity’s orchestration layer found that 80% of its cloud storage was over-provisioned and used as a buffer. The corporate then used Lucidity’s Auto-scaler software to cut back this buffer to twenty%, which reduce their storage prices by nearly 77%. Lucidity’s dynamic provisioning and capability administration options additionally helped stop downtime throughout surge site visitors.
The second instance is a Collection C-stage buyer information administration and information intelligence startup that wanted to determine the best measurement to provision their storage whereas stopping service outages because of full cloud storage, however with out utilizing resource-intensive DevOps to constantly handle its storage measurement based mostly on altering workloads. Lucidity was capable of automate most of those duties with its dynamic storage provisioning function, and its Auto-scaler helps the corporate preserve a utilization of 75% to 80%.
Lucidity has a “pay-as-you-use” monetization mannequin, which implies clients pay a flat administration charge for the info that its software program manages. It’s at present at early income stage and its shoppers embrace greater than 10 enterprises at completely different levels of the product deployment lifecycle.
The startup’s new funding can be used on its go-to-market technique in the US, the place Bhaduria mentioned it’s seeing important traction. Lucidity has places of work in New York, Bangalore and Abu Dhabi.
In a press release, Beenext managing companion Dirk van Quaquebeke mentioned, “Lucidity positions themselves on the fascinating intersection of what I name cloud transient the place giant enterprises transition from on-prem to cloud and there’s a lot of slack to be captured by way of worth. Lucidity is constructing one thing that may have a really sturdy GTM slot in a market that’s extraordinarily giant and international in nature.”
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