Lucidity hangs $ 21 million to help companies optimize their cloud storage

Companies often overestimate their cloud data storage to keep a stamp for demand peaks, but this has a major cost. And although internal devops teams can optimize servers to reduce the impact of these costs, they generally ignore the optimization of their storage to avoid any accidental loss or time of stopping time. This leads to significant cloud storage to be wasted or poorly used.

A Deloitte report citing public inquiries said Up to 30% of Cloud expenses are generally wasted due to payment prices, lack of visibility, overprotisation and unforeseen costs.

Indian startup Lucidity hopes to help companies solve this problem by automating the optimization of cloud storage. Essentially, the startup software helps extend or reduce blocking storage volumes according to real -time data requests. The company claims that this optimization can help companies reduce their cloud costs up to 70%.

The company has raised a series of $ 21 million led by Westbridge Capital to expand its team and further develop its products. The existing investor Alpha Wave Global also participated in the round.

In offer, here is an agnostic application layer called noops, which fits into existing applications and environments without requiring modifications to the code, said co-founder Nitin Bhadauria (photo above, to right) in an exclusive interview.

Cloud storage suppliers like AWS, Azure and Google Cloud offer basic optimization, but Bhadauria stressed that no one offers a solution to optimize cloud storage. Cloud suppliers are rather focusing on the construction of products to allow customers to deploy more and more cloud data.

This is perhaps one of the reasons why the four-year startup sees no significant competitors on the market.

“Our greatest competitor is no one else in this industry,” Bhadauria told Techcrunch. “Our greatest competitor is the status quo; Currently, customers do not solve this problem. They are aware of this, but believe that this is how cloud storage is managed. »»

Lucidity was founded in 2021 by Vatsal Rastogi (photo above, on the left) and Bhadauria, who co-founded two SaaS startups in the past. It currently offers two products: automatic storage storage and storage audit.

Auto-scaler storage dynamically develops and narrows the storage of blocks on cloud servers. It is deployed as an agent of the server and starts the optimization process within the hour following its deployment, said Bhadauria. He refused to disclose more details on technology, saying that the company was patent for this.

“We are able to resize the stamp only without directly touching the data. Because of this capacity, we can make sure that customers can see cost savings without worrying about problems or downtime, “he said.

The storage audit, on the other hand, is a free tool that allows companies to determine the share of their cloud storage and what they spend exactly.

Lucidity targets fortune companies 2000 with more than a billion dollars in revenues in the United States and Europe. Bhadauria has refused to disclose the number of customers that lucidity has, but he said that 70% of its customers are in the United States, and the others are in Europe. Among these, 20% are on fortune 100.

Lucidity also aims to offer optimization for the storage of objects in the future, said Bhadauria.

This series has led to total funding of the company collected at around $ 32 million. The startup collected $ 5.3 million in seed financing Directed by Alpha Wave in September 2022.

Half of the new funding, said Bhadauria, will help the startup extend its marketing team. The rest will be used to improve the product.

“We are launching one more product in the next six months,” said Bhadauria, adding the start -up plans to introduce several modules over time to optimize cloud storage.

The startup has around 100 employees in offices in India, Abu Dhabi, London and the United States