Bit Stew Systems secures $3.5 million in additional funding from Silicon Valley Bank
posted by Karen Dosanjh / May 26, 2014
Additional capital further positions the company for global growth and expansion
VANCOUVER, B.C. – Bit Stew Systems Inc., a world-leading provider of integrated, real-time network operations for the utility industry, announces the successful closing of a $3.5 million credit facility with Silicon Valley Bank (SVB).
The support of SVB, the bank of the innovation economy and financier to thousands of startups over the past 30 years, affirms the strength of the company’s current investor base and the success of Bit Stew’s powerful Grid Director™ platform in 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.
About Bit Stew Systems Inc. & Grid Director™
Bit Stew Systems Inc. is a world-leading provider of integrated, real-time network operations solutions for the utility industry. Bit Stew’s flagship product, Grid Director, is revolutionizing the way the utility industry deploys, operates, secures and optimizes smart grids globally. Grid Director’s game-changing approach offers customers an in-depth, interactive and real-time view of their smart grids enabling them to make more agile and informed decisions that elevate their business operations. Founded in 2005, Bit Stew Systems is a private company that is headquartered in Vancouver, British Columbia with offices in Mountain View, California, Toronto, Ontario, and Melbourne, Australia. Bit Stew was named to the Gartner Cool Vendors in Energy & Utilities list for 2014. Learn more www.griddirector.com. Follow us on Twitter: @grid_director.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
Director, Marketing & Communications
Bit Stew Systems
(604) 568-5999 (Ext. 312)