Indian Startup Lucidity Raises $21M to Revolutionize Cloud Storage Optimization

Indian startup Lucidity has raised $21 million in a Series A round led by WestBridge Capital to address the issue of wasted cloud storage. Enterprises often overprovision their cloud data storage, leading to substantial waste and poor utilization.Lucidity aims to automate storage optimization on the cloud with its software, helping enterprises cut their cloud costs by up to 70%.

The startup's NoOps layer integrates within existing apps and environments without requiring any code-level changes. Lucidity co-founder Nitin Bhadauria highlighted the lack of significant competitors in the market, indicating that the company's main competitor is the status quo.

The company was founded in 2021 by Vatsal Rastogi and Bhadauria and currently offers two products: Storage Auto-Scaler and Storage Audit. The former dynamically expands and shrinks block storage on cloud servers, while the latter is a free-to-use tool that helps enterprises determine how much of their cloud storage can be freed up.

Lucidity targets Fortune 2000 companies with more than $1 billion in revenues in the U.S. and Europe. The startup plans to introduce multiple modules over time to optimize cloud storage, with about half of the raised funding going towards expanding its go-to-market team and the rest used to enhance the product. Lucidity currently has about 100 employees across offices in India, Abu Dhabi, London, and the U.S., and the series A brings the company's total funding raised to about $32 million.

Discover more about the funding here.