2022 marked another year of global business and economic uncertainty, recession, and difficulty in hiring. And enterprises around the world have been proactively working on optimizing cloud costs and adapting to the changing world.
At Lucidity, the past year has been nothing less than extraordinary. From validating the industry problem of cloud storage to building deeper features to solve for it, we have taken long strides as we now move into 2023. So let us visit some of our findings, our accomplishments, and what’s in store for the new year.
A year back, we had asked the question to ourselves “ Are enterprises well-equipped to handle the data explosion?”. And what we saw and confirmed throughout the year was nothing short of overwhelming.
We had set out to understand how much over-provisioning plagues the cloud industry. And to our surprise, enterprises have been wasting more than 65% of their storage capacity. Plagued by risks of downtime, budget cuts, and difficulty in hiring, enterprises, and FinOps professionals have been busy optimizing their compute services, settling down to forego cloud storage for larger priorities.
And the unfortunate result?
Lucidity Storage Audit results showed a 50-60% spend wastage across cloud storage and risk of downtime across 1% of their cloud infrastructure. And these are the results, for industry leaders and fortune 500 enterprises across the world.
When you attribute 10-20% of cloud spend to storage and the financial costs of even a single downtime, the risks can be devastating.
And the potential to save just waiting to be captured.
Cloud cost optimization is not a new topic. FinOps practitioners across the globe opt for various tools to provide them capabilities across monitoring, recommendations, and remediation. But these tools themselves do not guarantee savings. One of the major drawbacks of these tools is the multiple touchpoints and ecosystem that needs to be managed individually.
To truly get the complete picture, DevOps need to separately utilize a tool for visibility, one for recommendations, another for implementing optimization changes and finally, one for remediation. With 4 complicated touch points across different platforms, the time to ROI as well as resources required multiply exponentially.
And this is where the roots of over-provisioning arise. This steep resource requirement makes it harder for FinOps to get DevOps to take any action and finally makes it uneconomical.
For the past year, Lucidity is striving to close this gap with a solution that reduces the number of touchpoints required. The Lucidity Auto-scaler is what we call an all-in-one solution. Starting from providing visibility, to complete remediation, it takes care of everything with minimal DevOps effort. This makes the Lucidity Auto-scaler 10X more valuable than the existing solutions. And in return, it makes Cloud storage optimization a low-hanging fruit for FinOps practitioners.
What is the result you ask? We have been able to achieve 33% client conversion from first conversations to becoming a client. In other words, one out of three enterprise firms we talk to begin their NoOps journey with Lucidity.
In 2022, we completed our seed round funding of $5.3 M. And throughout the year, we have been hard at work utilizing the funds to grow and improve.
From a team of 9 at the beginning of the year, we are now a 37-person strong family, enriching our expertise around product and GTM.
The ease of use and applicability makes Lucidity suitable for any firm regardless of its size. Yet, we opted to focus on enterprise firms from day one, and onboarded a Fortune 500 firm as our first customer. And since then, we have had multiple enterprise customers spread across various sectors like retail, manufacturing, banking, insurance, talent management, and more.
As we set out to bring our vision to life, we have a lot in store for truly democratizing a NoOps Cloud storage experience. Across 2023, we aim to build more deeper technologies that not only help you optimize costs but also provide better performance, availability, and reliability. A true NoOps experience, where you initiate a cloud storage and forget about it.
We recommend you watch this space.