Lucidity raises $5.3 mn in seed funding led by AlphaWave Investments

• ByStartupStory     |    September 9, 2022

Lucidity, a cloud storage platform, has received $5.3 million in seed funding headed by AlphaWave Investments. Other notable investors were Beenext, Blume Ventures, BoldCapital, NuVentures, and Sparrow Capital.

The cash will be used to assist the startup’s development objectives and to speed its worldwide expansion initiatives.

Lucidity, founded in 2021 by Vatsal Rastogi and Nitin Bhadauria, is an AI-powered cloud storage platform that allows its clients to directly manage their cloud infrastructure in a cost-effective and efficient manner. Its clients may use it to automate cloud storage provisioning and decrease human interaction throughout the job cycle. Lucidity is now available on three main cloud platforms: Amazon Web Service (AWS), Microsoft Azure, and Google Cloud Platform.

Vatsal Rastogi, Co-founder of Lucidity, said, “We’re a deep technology company, we have to make a lot of investments upfront when it comes to the product. Also, what we build takes time and we need time to do it. A major focus of the funding round will be on expanding our engineering team and strengthening our go-to-market (GTM) strategy.” He added, “We are coming in as an organization that has built a fully autonomous solution that is capable of solving all cloud infrastructure mismanagement from cost to resource utilization.”

“Lucidity is building something that will have a very strong GTM position in a market that is extremely large and global. How Lucidity identifies and solidifies their problem statement with their clients gives us a lot of comfort in them, ” said Dirk Van Quaquebeke, Managing Partner at BeeNext.

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