Manazed Technologies Pvt. Ltd., which runs the cloud storage management platform Lucidity, has raised $5.3 million (or roughly Rs 41 crore) in a seed fundraising round that was headed by AlphaWave Investments.
Beenext, Blume Ventures, BoldCapital, NuVentures, and Sparrow Capital also participated in the latest round.
With the new funding, the business will move more quickly toward global expansion and hire new employees.
Read also – [Funding alert] Agri-fintech platform Ayekart raises $5.5 mn in funding round
Vatsal Rastogi and Nitin Bhadauria founded Lucidity, which is developing the upcoming cloud storage management platform. They make it possible for DevOps to manage their cloud infrastructure with ease.
“With the pandemic on us since 2020, enterprises have aggressively forayed to the cloud with 8 out of 10 organizations today, resorting to a lift and shift approach for quick migration. However, on the cloud, the skill curve and the tedious operations for managing a multi-cloud infrastructure have become a crucial barriers. To ensure zero downtime to their operations, enterprises resort to over-provisioning. And yet with no real-life method to accurately predict these traffic peaks, 90% of the time enterprises are wasting 70% of their storage and still face downtime,” Vatsal Rastogi said.
The mission of Lucidity is to assist their clients in taking advantage of the cloud’s full potential. As clarity makes their lives easier and enables them to access cloud-native functions, they are devoting themselves to assisting organisations in moving data to cloud storage.
“70% of the storage costs are wasted today because of manual cloud management and risks of downtime. And to add to that challenge, the skill curve required to adopt a cloud-first culture with the teams becomes an added barrier. Lucidity is solving these problems and much more,” Nitin Bhadauria said in a statement.
Read also – [Funding alert] Construction supply platform ZippMat raises $10 mn in funding
With a combination of data science, workflow automation, and multiple system integrations Lucidity create completely autonomous management solutions.