Cloud storage is dear (especially in this economy), however many firms typically over-provision, chopping 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 right this moment that it 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 utterly automated) orchestration layer could make an organization’s cloud block storage 70% cheaper and 10x quicker, with none code adjustments. It handles storage provisioning whereas eliminating potential downtime throughout surge net site visitors.
Lucidity was based final yr by Vatsal Rastogi, whose former roles embody working as a developer at Microsoft Azure and with Indian on-line meals supply unicorn Swiggy, and Nitin Bhadauria, former head of gross sales at Tracxn.
Bhadauria says that many firms flocked to the cloud within the wake of the pandemic, however used a “elevate and shift” strategy, that means that they moved knowledge and apps with out modifications. Whereas this was the quickest strategy, it resulted in over-provisioning and different points that harm ROI. It additionally made it tougher for firms that had beforehand saved knowledge in on-premise servers to transition to a cloud-first strategy.
Lucidity’s clients are usually enterprise and higher mid-market firms which can be “cloud transient,” or within the means of shifting their knowledge from on-premise servers to the cloud.
Lucidity founders Vatsal Rastogi and Nitin Bhadauria. Picture Credit: Lucidity
However firms typically 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 instances a yr, plus a scarcity of educated cloud professionals.
“Consider it as a home transfer to a spot with extra reasonably priced hire. Nonetheless, when you shift, you understand your furnishings dimensions should not specified to your new dwelling,” Bhadauria 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 hire, you’ll have to put in some sizable investments and time to redecorate your own home and dynamically plan your each day schedule and commute.”
He added that Lucidity’s software program might be onboarded in quarter-hour and DevOps groups by no means need to configure storage once more.
Bhadauria 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 lower their storage prices by virtually 77%. Lucidity’s dynamic provisioning and capability administration options additionally helped forestall down time throughout surge site visitors.
The second instance is a Sequence C-stage buyer knowledge administration and knowledge intelligence startup that wanted to determine the best dimension to provision their storage whereas stopping service outages attributable to full cloud storage, however with out utilizing resource-intensive DevOps to repeatedly handle its storage dimension 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 price for the information that its software program manages. It’s at the moment at early income stage and its shoppers embody greater than 10 enterprises at completely different phases of the product deployment lifecycle.
The startup’s new funding will likely be used on its go-to-market technique in america, the place Bhadauria mentioned it’s seeing important traction. Lucidity has places of work in New York, Bangalore and Abu Dhabi.
In an announcement, Beenext managing accomplice Dirk van Quaquebeke mentioned, “Lucidity positions themselves on the fascinating intersection of what I name cloud transient the place massive 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 massive and world in nature.”
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