Enterprises usually overprovision their cloud information storage to maintain a buffer for demand peaks, however that comes at a significant price. And whereas in-house DevOps groups could optimize servers to scale back the impression of those prices, they often skip optimizing their storage to keep away from any unintended information loss or downtime. This results in vital cloud storage being wasted or poorly utilized.
A Deloitte report citing public surveys says as much as 30% of cloud spending is mostly wasted resulting from pay-as-you-go pricing, lack of visibility, overprovisioning, and unplanned prices.
Indian startup Lucidity is hoping to assist enterprises handle this challenge by automating storage optimization on the cloud. Basically, the startup’s software program helps develop or shrink block storage volumes primarily based on real-time information calls for. The corporate says this optimization may also help enterprises lower their cloud prices by as much as 70%.
The corporate has raised a $21 million Collection A spherical led by WestBridge Capital to flesh out its group and additional develop its merchandise. Present investor Alpha Wave International additionally participated within the spherical.
On provide right here is an application-agnostic layer known as NoOps, which integrates inside present apps and environments with out requiring any code-level adjustments, co-founder Nitin Bhadauria (pictured above, on the best) stated in an unique interview.
Cloud storage suppliers like AWS, Azure, and Google Cloud present fundamental optimization, however Bhadauria identified that nobody gives an answer to optimize cloud storage. Cloud suppliers as an alternative concentrate on constructing merchandise to let prospects deploy increasingly more information on the cloud.
Which may be one motive why the four-year-old startup doesn’t see any vital rivals out there.
“Our greater competitor is nobody else truly on this business,” Bhadauria instructed TechCrunch. “Our greater competitor is the established order; presently, prospects usually are not fixing this drawback. They know it however imagine that is how cloud storage is managed.”
Lucidity was based in 2021 by Vatsal Rastogi (pictured above, on the left) and Bhadauria, who co-founded two SaaS startups prior to now. It presently gives two merchandise: Storage Auto-Scaler and Storage Audit.
Storage Auto-Scaler dynamically expands and shrinks block storage on cloud servers. It’s deployed as an agent within the server and begins the optimization course of inside an hour of its deployment, Bhadauria defined. He declined to expose additional particulars on the tech, saying the corporate is submitting patents for it.
“We’re in a position to solely resize the buffer with out touching information immediately. Due to this functionality, we will be sure that prospects can see price financial savings with out getting apprehensive about any points or downtime,” he stated.
Storage Audit, in the meantime, is a free-to-use instrument that lets enterprises decide how a lot of their cloud storage could be freed up and what precisely they spend on it.
Lucidity targets Fortune 2000 corporations with greater than $1 billion in revenues within the U.S. and Europe. Bhadauria declined to reveal what number of prospects Lucidity has, however he did say that 70% of its prospects are within the U.S., and the remainder are in Europe. Of these, 20% are on the Fortune 100.
Lucidity additionally goals to supply optimization for object storage sooner or later, Bhadauria stated.
This Collection A brings the corporate’s whole funding raised to about $32 million. The startup raised $5.3 million in seed funding led by Alpha Wave in September 2022.
Half of the recent funding, Bhadauria stated, will assist the startup develop its go-to-market group. The remaining can be used to reinforce the product.
“We’re launching another product within the subsequent six months,” Bhadauria stated, including the startup plans to introduce a number of modules over time to optimize cloud storage.
The startup has about 100 workers throughout places of work in India, Abu Dhabi, London and the U.S.
