Cloud storage management platform Lucidity has raised $21 million (about Rs 183 crore) in its Series A round of funding led by homegrown private equity firm WestBridge Capital, with participation from existing investor Alpha Wave.
Manazed Technologies Pvt. Ltd, which operates the cloud storage orchestration platform, said Wednesday the fresh funding takes the total capital it has raised till date to $31 million.
The fresh funding round comes more than three years after the Bengaluru-based startup raised $5.3 million in a seed round from Alpha Wave, BEENEXT, Blume Ventures and other investors. Last June, BEENEXT and Alpha Wave took part in a follow-on round in the company.
Lucidity's platform automates the expansion of block storage and reducing storage volumes based on real-time data demands. It claims the platform, which is compatible with Amazon’s AWS, Microsoft’s Azure, and Google Cloud, helps large enterprises cut costs by up to 70%.
Block storage is a type of data storage which divides any data or file into blocks of equal size.
The company said it plans to expand the team involved in go-to-market strategies and continue investing in the platform.
Lucidity was founded in 2021 by Vatsal Rastogi and Nikhil Bhadauria. Prior to Lucidity, Bhadauria was the head of sales at Traxcn, while Rastogi has worked with companies like Microsoft and Swiggy.
“The need for cloud storage resources is growing with ongoing advances in AI and a simultaneous need to reduce overall cloud spend,” said Rishit Desai, partner at WestBridge.
"Lucidity fundamentally transforms how enterprises manage and orchestrate their cloud storage infrastructure across AWS, Azure, and Google Cloud," Desai added.
Lucidity has offices in Boston, Bengaluru, and Abu Dhabi. The company claims to have achieved 400% year-over-year growth and works with companies like World Market, Dometic, and several Fortune 500 global companies.
