East Lansing, MI — March 2, 2020 — BitLyft Cybersecurity (BitLyft) and Red Cedar Ventures (RCV) are pleased to announce the establishment of their formal partnership, effective February 2020. Red Cedar Ventures welcomes BitLyft to its growing investment portfolio.
BitLyft is a Security Orchestration, Automation, and Response (SOAR) software company. BitLyft builds software that uses Artificial Intelligence and Machine Learning to proactively address the security needs of its partners. In addition, BitLyft offers 24/7 network threat monitoring and detection through Security Operations Center (SOC) as a Service and Security Incident and Event Management (SIEM) as a Service.
BitLyft is led by Jason Miller who founded the company in 2016. A repeat entrepreneur, Jason was co-founder of ERP SaaS delivery pioneer Reviora, acquired by Concerto Cloud Services in 2014. Jason has grown the SIEM-SOC-SOAR-as-a-Service in establishing beachheads in higher education, utilities, manufacturing and financial services verticals across the United States.
“The concept of our business may sound complicated, but at the end of the day it’s actually really simple,” says Jason Miller, CEO and Founder of BitLyft. “We protect our partners from cybercrime in a proactive manner by leveraging our experienced team and core technologies with an emphasis on dedicated customer service.”
“We are excited about our growth and success, but more importantly the impact we have on customers today with our unique business model that includes innovative technology coupled with dedicated customer strategies,” says Thomas Coke, CSO of BitLyft. “The number of cyber issues today is growing. Many organizations do not have the technology or the personnel in place to understand the risks.”
BitLyft aligns with RCV’s vision of providing funding and support for high impact technology ventures. “Cyber-attacks are a growing and major concern among all organizations.” says Jeff Wesley, Executive Director of Red Cedar Ventures. “We are pleased to invest in BitLyft because it is the type of investment we admire. We have an experienced and dedicated leadership in Jason Miller, a rapidly growing company and disruptive technology in a market with high demand. Red Cedar Ventures has been an advisor for the past two years and we are excited about this first investment in BitLyft.”
BitLyft is also a tenant of University Corporate Research Park, a related entity of Red Cedar Ventures.
About BitLyft Cybersecurity: BitLyft started out with an unconventional method—listening. As a company, it wanted to truly understand the pain of its customers and their fight against cyber attacks. This provided BitLyft with its goal of getting to know each clients’ business in-depth to better understand how they could secure the business without disruption. This ultimately meant BitLyft needed to integrate with its partners to augment their team and become part of the businesses’ IT department. BitLyft knew it had to build a platform that allowed it to address the business’ current and future IT needs with agility. BitLyft offers incident response which transfers human intervention to software-enabled devices that allow rapid integration. BitLyft brings an entire security team to its partners, at a fraction of the cost. BitLyft’s platform disrupts the traditional approaches of cybersecurity. When a client connects to BitLyft’s platform, they not only get all of its Automated Incident Response (AIR) modules, but they also get the crowd-sourced intelligence benefits from the platform. BitLyft is a complete Security Orchestration, Automation, and Response (SOAR) platform that integrates with all major vendors. BitLyft is automating the future of cybersecurity attacks by fighting code with code. Learn more about BitLyft at www.bitlyft.com.
About Red Cedar Ventures: Red Cedar Ventures is a wholly owned subsidiary of the Michigan State University Foundation. Founded in 2014, RCV is proud to be the first venture fund in Mid-Michigan. RCV’s objective is to help accelerate commercialization of startups creating opportunities for MSU affiliated partners and technologies. Our vision is to be the leading Mid-Michigan venture fund providing economic impact for the region and the state with new companies, new jobs and value-added partnerships. To date Red Cedar Ventures has deployed approximately $5M dollars in technology startups which have gone on to raise over $150M in outside capital. For more information please visit www.redcedarventures.com.
About University Corporate Research Park: The mission of University Corporate Research Park is to provide an environment where technology-based businesses can work with faculty and students to take advantage of collaborative opportunities for research, including access to labs, equipment, and services. For more information please visit www.msufoundation.org/researchpark/.