Bit Stew Systems secures $3.5 million Funding From Silicon Valley Bank.
A world-leading provider of integrated, real-time network operation for the utility industry, Bit Stew Systems Inc, have recently announced that they have successfully manage to raise a total of $3.5 million credit facility with Silicon Valley Banks.
The support of SVE, the bank of innovation ecnonmy and financier to thousands ofs tartup from the past 30 years, is affirming the strength of the company’s current investors baes and the success of Bit Stew’s powerful Grid Director platform within the market.
Jim Temple, CFO, Bit Stew Systems says, “Silicon Valley Bank has deep experience in venture lending and understands the evolution and complexities of scaling an internationally focused, growth-stage technology business like ours. This financing is part of a long-term partnership we are building with SVB, and further augments the financial strength of our company on top of our recent Series A investment with Cisco Systems and Yaletown Venture Partners.”
Jim adds, “The credit facilities will enable Bit Stew to invest aggressively in our go-to-market strategy, with flexibility around how we deploy working capital to secure new customers and drive top line revenues.”
Bruce Helberg, Senior Market Manager says, “As the bank of the global innovation economy, we are energized by the momentum we see in Vancouver’s tech community, and Bit Stew is a great example. The company is solving real-world problems globally with innovative technology, an insightful leadership team, and the support of experienced investors who believe in them. Our goal is to contribute to their success, and to help BC’s tech community continue to thrive over the long-term.”
“We are pleased to be supporting Bit Stew, a company that is at the forefront of a burgeoning technology in the Industrial Internet of Things space for utilities,” said Minh Le, Managing Director with Silicon Valley Bank. “We are thankful to be in a position to help companies that are making a big difference as they scale and grow.”
Andrew Wilkinson, Minister of Technology, Innovation and Citizens’ Services, notes that “This important financing is a testament to the talent and ideas found at Bit Stew, and demonstrate the ongoing strength of the tech sector in British Columbia.”
Bit Stew Systems was recently named to the Gartner Cool Vendors in Energy & Utilities list for 2014.