Highlights:

  • The platform supports AWS, Azure, and Google Cloud, integrating with any application code-free.
  • Storage Audit is a free add-on that helps enterprises assess unused cloud storage and analyze their storage costs.

Recently, Indian startup which specializes in automating multicloud storage management, Lucidity.cloud Ltd., has secured USD 21 million in early-stage funding after experiencing rapid growth over the past year.

The recent Series A funding round, led by WestBridge Capital with participation from existing investor Alpha Wave, brings the startup’s total funding to USD 31 million. This follows two earlier seed investments that raised USD 10 million.

Founded in 2021 by Nitin Bhadauria and Vatsal Rastogi, the startup—known simply as Lucidity—offers a “NoOps” (no operations) platform designed to automate the real-time scaling of cloud-based block storage volumes. This ensures businesses always have the necessary storage without excess. By minimizing overprovisioning, Lucidity claims it can help companies cut cloud storage costs by up to 70%.

Lucidity’s platform is compatible with leading cloud infrastructure services, including Amazon Web Services, Microsoft Azure, and Google Cloud. It seamlessly integrates with any application running on these platforms without requiring any code. By automating storage adjustments, it saves teams hours of manual work, allowing them to focus on more strategic tasks.

Bhadauria explains that Lucidity’s platform consists of two distinct services, one of which is the Storage Auto-Scaler. This tool dynamically adjusts block storage on cloud servers, expanding or reducing capacity as needed. Companies can deploy it as an agent on their servers, and within an hour, it begins optimizing storage volume automatically.

Storage Audit, a complimentary add-on, enables enterprises to assess their cloud storage usage, identify unused capacity, and analyze their storage expenses.

Lucidity reports strong growth as enterprises increasingly shift workloads to multicloud environments, seeking greater scalability, flexibility, and cost efficiency. This has driven rising demand for storage optimization, further accelerated by the rapid adoption of AI applications that require vast amounts of data.

To prevent application downtime, many organizations overprovision cloud storage, ensuring they have extra capacity to handle demand spikes. However, this strategy incurs significant expenses. While server optimization can help mitigate expenses, many teams hesitate to implement it due to concerns about accidental data loss or potential disruptions.

This leads to substantial financial waste, as organizations pay for unused storage. A report by Deloitte Touche Ltd. estimates that some companies are wasting up to 30% of their total cloud spending on excess storage.

Rishit Desai of WestBridge Capital emphasized the pressing need to cut overall cloud spending and expressed confidence that Lucidity provides the ideal solution. “It fundamentally transforms how enterprises manage and orchestrate their cloud storage infrastructure. Its unparalleled platform increases storage efficiency and significantly reduces costs for customers of all sizes,” he said.

Lucidity’s rapid growth suggests that many enterprises share this view. The startup reports a revenue increase of over 400% in the past year, though it hasn’t disclosed its starting point. It has also expanded its client base to include dozens of Fortune 500 companies.

Looking ahead, Lucidity plans to scale its go-to-market team to drive revenue growth and venture into object-based storage, further helping enterprises reduce their storage costs.