Kirkland-based tech company BitTitan announced June 9 that they had raise $15 million in the first round of financing, marking the first time in the company’s nine years it has secured outside funding.
BitTitan provides software to middleman companies, like IT service providers, who sell brand name software, like Windows, to the end user which are usually businesses or corporations. These middleman companies bundle support and services onto the basic operation software to enhance the ease of use to the end buyer.
BitTitan’s flagship product, MSPComplete, is one of these services which allows users to transfer content from on-site servers to cloud storage and additional support designed to facilitate expanded cloud use.
Since the company was started in 2007 by CEO and founder Geeman Yip, a former Microsoft employee who left to start BitTitan, the company had been entirely self-funded. With the $15 million raised this June, Yip said his company is set to grow even faster.
“It’s quite difficult to have a small business and really grow your business organically without outside investment,” he said. “This really now allows us to expand in ways that I would have taken us years to expand.”
BitTitan has already expanded rapidly, with top line revenue growing by 50 to 100 percent in each of the last five years, an office in south Kirkland, Singapore and employees worldwide, according to a press release from the company.
The company employs 140 employees and a ‘couple hundred’ globaly, Vice President of product and marketing Rocco Seyboth said.
The executives wouldn’t say how much revenue they cleared in recent years but said the company has been profitable since 2010.
According to the press release, over the next five years some $1 trillion in compounded IT spending will be impacted by shifting information to clouds, a market which BitTitan is poised to be an integral part of.
BitTitan was formed after Yip left Microsoft to start the business. Yip said he wanted to create a work environment in which he wanted to work.
“He wanted to build a place that he wanted to work at; he’s passionate about this company being a place that people want to get up in the morning and want to come,” Seyboth said.
The company has received awards from 425 Magazine for their workplace quality, as well as receiving high marks on the company review website Glassdoor.
The financing campaign was led by TVC Capital, a San Diego-based firm and assisted by Tao Capital Partners, a San Francisco-based office.
Steve Hamerslag, managing partner at TVC Capital will also be joining the BitTitan board of directors.
For more information on the company, see previous Reporter coverage.
