Lyrid is a multi-cloud infrastructure as a service (IaaS) provider that makes developing new cloud native solutions easier and more affordable.
Lyrid booked revenue of $435K in 2021 and projecting revenue of $2.4 mil for 2022. We recently won an award as the most fundable startup with $623k of investment interest from 213 voters, along with winning the ISG startup award for fintech. We are also admitted into the 3rd largest accelerator program, Expert Dojo. In July, we won first place in the sparkXYZ lightning pitch event. We are raising $2 mil and currently have $300k committed while working on DD with a few VCs.
Do you have product market fit? Explain
Not yet, we are still ramping up how we are efficiently selling our product through our partners. As we mentioned in the current weakness, the process of onboarding scalable solutions and partners into the platform is still in the early stages. As we build more integrations with partners, we are building more data and automation to automate the process using either Machine Learning based on our previous automations.
We are also entering a more regional focused market (example: SouthEast Asia), that does not have a clear winner for cloud providers and the local infrastructure providers still have a very strong presence. This is specifically to solidify our platform’s ability for these local providers to provide the same benefits as the big boys.
Problem or Opportunity
The cloud landscape today is overly complicated, with more than 500 distinct products offered by AWS, Azure, and Google Cloud alone. Keeping up with the many cloud options available is overwhelming for any developer, let alone less technical business owners. This complexity adds many barriers including development costs and time that can stifle innovation and growth. Enterprises, with pressure to attend to existing revenues, often lack the time and resources needed for ongoing innovation to effectively compete and retain market share against new entrants.
Solution (product or service)
Lyrid makes developing new cloud native solutions easier and more affordable by offering essential interfaces to all the public cloud vendors. As a vendor-agnostic cloud platform, Lyrid utilizes data, machine learning and user policies to wrap, deploy and execute the applications seamlessly between all the public clouds. This saves companies of all sizes on R&D costs while accelerating time-to-market and global distribution. Lyrid users enjoy a variety of tools, data, analytics, redundancy and automation that was previously inaccessible. With Lyrid, enterprises can innovate more affordably, i
We broke down the competition based on the technology that is similar to us or the experience that is similar to us.
Similar Technology Stack-wise (Kubernetes solution to run on multi-cloud):
Here’s some examples (ranging from startups to large companies) that is directly talk about Kubernetes and making it multi-cloud for Enterprises:
Mid-stages Startups: https://www.triggermesh.com/ - Triggermesh, Series Seed raised 8M https://www.spectrocloud.com/ - Spectro Cloud, Series A raised 20M
Pros: Bigger brand trust and recognition. Cons: Still a high barrier of entry for the solutions and hard for anyone to get started. Most of these solutions are working by requiring them to build a cluster that they need to support. Nothing in between.
Similar User Experience-wise (simplicity from deploying your code the internet): Vercel: https://vercel.com/ Fly.io: https://fly.io/ Heroku: https://heroku.com/
Pros: Simplicity for deployment of applications and helping their users to build to cloud faster and cost efficiently. Cons: These solutions usually only focused on delivering a single technology very effectively (example: Vercel is for Next.JS), but isolating other technologies. Deployment is managed behind their own cloud with little to no control on how the infrastructure is built in the backend. Most of them are limited to only fairly basic architectures on broadly monolithic apps.
Advantages or differentiators
Our biggest technology differentiator is that we leverage Kubernetes to link cloud platforms, but we are not deploying user's solutions only to Kubernetes, we will also deploy to cloud-native technologies where it is most effective. Currently we handle the serverless applications, but we are aiming to provide the same experience to the whole solution stack (Application, Database, Storage) in order for our partner to develop packaged solutions for their verticals (IoT, Data, No-code CMS, Testing Framework, etc2). The next update will be focused on delivering a new user experience to provide deployment for multi-cloud building blocks to build packaged solutions services.
Revenue projection for 2021 is $480K
List current key customers
P3iD : Scanner Solutions that utilizes IoT standard to provide the easiest way to manage any internet connected scanners without the need to install any drivers.
We helped them run and integrate their ScanBot product into Lyrid:https://p3idtech.com/scanbot And we have delivered their production workload and manage their infrastructure and it is accessible from this: https://scanbot.p3idtech.com/
Yukbid: The first auction-style e-commerce marketplace with a Twitch-style live video streaming twist in Indonesia.
They are in the last phase of the production. We are managing and monitoring their infrastructure. Check on their progress here: http://yukbid.lyr.id/
List significant pipeline customers
PRB-GTS Malaysia https://www.prb-gts.com/ - Our largest bookings this year is coming from this project with this company, they are buying an OEM and whitelabeling Lyrid platform to deliver a suite of ERP applications on top of their managed hardwares infrastructure for their end users: http://www.asiansupplybase.com/
This deal is worth $400K USD for lifetime value + yearly support subscription.
Lyrid has 3 major revenue streams: - Pro: 49$/Month or 499$/Year subscription that unlocks more feature for anyone to develop further with Lyrid platform. - Enterprise: Lyrid Enterprise Kubernetes Cluster License (at 49$/CPU): Lyrid Cloud Hosted Services: where we runs the Kubernetes cluster for the end-user. Recurring Enterprise Support: our higher level support with monitoring and analytics. - Professional Integration and Infrastructure build revenue (non recurring).
Money will be spent on
38% on sales & marketing 12% on COGS 15% on operating expense 35% on feature enhancements
Offer for investor
$13 Mil Post money cap SAFE note with 20% discount, raising $2 Mil.