Lucidity secures $5.3M in a seed funding round led by AlphaWave Investments

Lucidity, a cloud storage orchestration platform, announced today that it has raised $5.3 million in a seed funding round led by AlphaWave Investments.

The funding round also saw participation from BEENEXT, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital. Previously, Lucidity had closed a pre-seed round of $0.5 million led by Beenext and along with the founders of Tracxn, Hevodata, Ultrahuman, Cloud9, Mosaic Wellness and others.

Lucidity plans to use the fresh capital to continue its expansion and accelerate efforts toward international expansion.

Nitin Bhadauria, co-founder of Lucidity, said: “Post the pandemic, businesses flocked aggressively to the cloud to ensure business continuity. However, the vast majority  resorted to a ‘lift & shift of data’ approach for a quick migration. Whilst this provided a quick fix, they remain elusive of the ROI promised by cloud vendors. Lucidity is unlocking the ROI of cloud storage at a click of a button.”

Lucidity, an AI-enabled software for cloud storage (AWS, Azure, GCP), makes multi-cloud storage economical, performant and effortless. Its innovative ‘cloud first architecture’ makes data management on cloud a lot smarter and intelligent and delivers a true “NoOps” experience, according to a statement.

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Andrew C. Martinez, Alpha Wave Global, stated,” Lucidity makes cloud storage management, not only more streamlined and reliable, but also increases cloud storage performance while saving a significant amount of money. What was more impressive for us is that this wasn't just a theoretical concept, but rather something on full display as proof of concepts with customers who are now onboarding on the Lucidity platform”