Lucidity to utilise $5.3 million fundraise for product development, business expansion

Lucidity, a cloud storage platform, which helps businesses keep cloud storage neat, tidy, and cost-efficient, has raised $5.3 million in seed funding led by Alphawave Investments. Other investors that participated in this round include Beenext, Blume Ventures, Bold Capital, and Nu Ventures to name a few.

In an interview with CNBC-TV18, Nitin Bhadauria, co-founder of Lucidity said the $5.3 million fundraise will be utilised for product development and expansion in different geographies.

"Ours is a deep tech product, so 60-70 percent of the fundraising will be going into product development because we need to have great engineers who can build this technology. Rest 30-40 percent would be going in expansion in different geographies," Bhadauria said.

Also, Shashi Kumar, co-founder, and CEO of Akshayakalpa Organic and Sameer Shisodia, CEO of Rainmatter Foundation spoke about how they plan to utilise the Series B fundraise of $15 million.