Bit Stew Systems secures $3.5 million in additional funding from Silicon Valley Bank
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.”