Manazed Technologies Pvt. Ltd, which operates cloud storage orchestration platform Lucidity, has raised $5.3 million (around Rs 41 crore) in a seed funding round led by AlphaWave Investments, the company announced on Thursday.
The current round also saw participation from Beenext, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital.
The Bengaluru-based startup had earlier closed a pre-seed round of $500,000, led by Beenext and the founders of Tracxn, Hevodata, Ultrahuman, Cloud9 and MosaicWellness.
The company will use the fresh capital to accelerate towards international expansion and hire new talent, currently, Lucidity employs 30 people mainly in the engineering function.
Founded by Vatsal Rastogi and Nitin Bhadauria, Rastogi has worked in Microsoft and Swiggy while Bhadauria was heading sales at Tracxn.
“With the pandemic on us since 2020, enterprises have aggressively forayed to the cloud with 8 out of 10 organizations today, resorting to a lift and shift approach for quick migration. However, on the cloud, the skill curve and the tedious operations for managing a multi-cloud infrastructure have become a crucial barriers. To ensure zero downtime to their operations, enterprises resort to over-provisioning. And yet with no real-life method to accurately predict these traffic peaks, 90% of the time enterprises are wasting 70% of their storage and still face downtime,” Rastogi said.
The company aims to target Fortune 500 companies globally with its services, especially in the US market. Its new offering Lucidity Autoscaler enables automated capacity planning and storage provisioning and has gone live with several Fortune 500, it said without naming the firms.
“70% of the storage costs are wasted today because of manual cloud management and risks of downtime. And to add to that challenge, the skill curve required to adopt a cloud-first culture with the teams becomes an added barrier. Lucidity is solving these problems and much more,” Bhadauria said in a statement.
