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."