A $1 million “seed” funding round for BitLyft LLC aims to position the East Lansing-based cybersecurity company to better serve its client base of small and midsize businesses.
The nearly 5-year-old business was initially founded to focus on managed services, but has pivoted to software in recent years. The newly raised capital aims to expand the company’s delivery of “automated and optimized cybersecurity solutions to small and midsize organizations,” according to a news release announcing the funding round.
Jason Miller, the founder and CEO of BitLyft, noted in a news release that the company has already reached a maturity point, and that the company’s cybersecurity software is already in use.
The company presently has annual recurring revenue “in the millions,” which “has doubled year over year since 2019,” according to a company spokesperson.
BitLyft expects annual recurring revenue to surpass $5 million sometime next year, the spokesperson added.
“Automating and optimizing key security tasks gives organizations access to tools they can implement without the need for large security or IT teams,” Miller said in the release. “This isn’t just software with support, it’s service-focused technology that gives companies the ability to respond quickly to today’s threats.”
The funding round was led by a fund of the New York Technology Capital Partners venture fund, and included participation from the Michigan Angel Fund and Gibbs City Investments LLC in Ann Arbor.
“In just a few years, BitLyft has grown into a comprehensive platform to make it easier for organizations to promptly identify and respond to cybersecurity threats,” Rohit Gandhi, managing partner of New York Technology Capital Partners, said in the release. “The significant increase in high profile attacks, including Colonial Pipeline, SolarWinds and JBS have shown that even the most prepared are vulnerable to cybersecurity failures. We are proud to support them in their mission to protect businesses from malicious intrusion, theft or damage.”
Earlier this year, BitLyft announced it had formed an ongoing partnership with fellow cybersecurity company AaDya Security Inc. in Detroit. As part of the partnership, AaDya’s Marzo4 platform would be integrated into BitLyft’s threat detection software.