Enterprises often overspend on cloud storage to accommodate fluctuations in demand, leading to wasted resources. Lucidity, an Indian startup, aims to address this issue with an automated storage optimization solution.
Their software, NoOps, integrates seamlessly into existing applications and environments without code modifications. It dynamically adjusts block storage volumes based on real-time data needs, promising savings of up to 70%.
Co-founder Nitin Bhadauria highlights the absence of direct competitors, with the primary challenge being the industry’s current lack of focus on storage optimization. Lucidity’s two current products, Storage Auto-Scaler and Storage Audit, aim to resolve this.
Storage Auto-Scaler automatically scales block storage in cloud servers, ensuring cost savings without data loss or downtime. Storage Audit provides a free analysis of cloud storage utilization and cost.
Lucidity targets Fortune 2000 companies in the U.S. and Europe, with a focus on those exceeding $1 billion in revenue. The majority of their clients are based in the U.S., and 20% are among the Fortune 100.
With this $21 million Series A funding, led by WestBridge Capital and Alpha Wave Global, Lucidity plans to strengthen its team and enhance its products. The company aims to add support for object storage in the future.
Lucidity’s mission is to empower enterprises with a cost-effective and efficient cloud storage management solution, helping them optimize their infrastructure and save significant expenses.
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