BitLyft raises $1M to supercharge its cybersecurity mission

POSTED: Tuesday, November 2, 2021

CATEGORY: Michigan Rise

Michigan-based BitLyft Cybersecurity will leverage new funding to meet increasing demand to optimize and automate cybersecurity for small and midsize organizations.

November 2, 2021, Lansing Michigan - Michigan-based BitLyft Cybersecurity announced the close of its first seed round of funding. The $1 million infusion will expand the company’s mission to deliver automated and optimized cybersecurity solutions to small and midsize organizations.

After its founding in 2016, BitLyft quickly pivoted from a focus on managed security services to software when it developed BitLyft AIR, an automation and optimization platform designed to reduce labor intensive tasks, optimize SIEM (security information and event management), and provide more immediate value to clients. BitLyft is now primed to build on that platform to fully realize the transition to a software company with a service-first approach.

“This is a different type of seed funding in that we have already built a successful business model based on providing tangible value to our clients,” explained BitLyft founder and CEO Jason Miller. “We’re not just hoping to develop a product that market research tells us people will buy—they’re already buying it, using it, and giving us real-time feedback on how to shape the roadmap moving forward.”

BitLyft will leverage the funds to make the next generation of their AIR platform more accessible and valuable to a market that is both resource-constrained and under increasing pressure to demonstrate a strong security posture to customers and stakeholders. By providing greater visibility and insight into their entire digital world, the platform will also allow management to be better equipped to make more informed business decisions, not just as they relate to IT and security, but across their entire organization.

“Automating and optimizing key security tasks gives organizations access to tools they can implement without the need for large security or IT teams,” said Miller. “This isn’t just software with support, it’s service-focused technology that gives companies the ability to respond quickly to today’s threats."

BitLyft recently partnered with Detroit-based AaDya Security to make the AIR platform available as part of the company’s all-in-one cybersecurity platform. This provides AaDya customers with enterprise-grade threat detection and automated remediation, in addition to the platform’s five other essential pillars of security.

Both companies have received seed funding and support from Red Cedar Ventures and Michigan Rise, wholly-owned subsidiaries of the Michigan State University Foundation, which focuses on technologies and companies arising from Michigan State University's extraordinary faculty, researchers, and students as well as the Michigan ecosystem. Dedicated to serving the common good in uncommon ways, the MSU Foundation’s investments bring real solutions to many of today's challenges.

Leading this round for BitLyft is NY Technology Capital Partners III, followed by Michigan Angel Fund, and Gibbs City Investments.

“Most companies do not have the internal resources or expertise to keep up with the ever-increasing risk of cyber threats,” said Toby Brzoznowski, founder and managing partner of Ann Arbor-based Gibbs City Investments. “I’m excited to advise and invest in BitLyft because I believe their approach and solution is exactly what IT organizations need right now — easy-to-implement and continuously updated SaaS security software combined with an expert support team that is educated on the latest threats and attack schemes.”

About BitLyft Cybersecurity

Founded in 2016, BitLyft Cybersecurity illuminates and eliminates cyber threats for a safer world by providing managed detection and response (MDR), SEIM-as-a-service and SOC-as-a-service through their proprietary BitLyft AIR platform. BitLyft AIR combines the best of people and software to provide unparalleled protection for organizations of all sizes. With a  team of passionate and innovative security analysts, developers, and strategists they help others achieve and exceed their cybersecurity goals. To learn more about BitLyft visit www.bitlyft.com.

ADDITIONAL QUOTES:

“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.  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."

- Rohit Gandhi (NY Technology Capital Partners)

“Cyber security is a severe problem for businesses and organizations of all sizes. Nobody is immune from attacks which occur by the thousands per second.  We think the sophistication of BitLyft’s technology in identifying attacks quickly, and more importantly acting quickly is what is needed in the space. We see an amazing future for this company.”

- Skip Simms (Michigan Angel Fund)

“I’ve been with Jason since day one and it’s been a pleasure to work with him and see his progress. Jason is a two-time founder who’s bootstrapped this in the market and is looking to use the funding to accelerate their unique protection and customer service model to deal with this ever changing space.”

- Jeff Wesley (Michigan Rise and Red Cedar Ventures)