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Bit Stew Systems Completes Initial Closing of Series C Financing ($8.8 Million CDN)
Tuesday, May 24, 2016Company Profile | Follow Company
Bit Stew Systems Completes Initial Closing of Series C Financing to Drive the Future of the IIoT Ecosystem
Bit Stew Continues to Spark the Interest of the Global Investment Community as the Leader in Solving the Data Integration Problem for the Industrial Internet
Burnaby, BC, May 24, 2016--(T-Net)--Bit Stew Systems, developer of a platform that solves the data integration challenge in the Industrial Internet of Things (IIoT), announced today the initial closing of a new Series C funding round of $8.8 million CDN to help advance the company's global market growth and development plans.
The investment round (see Editor's Note below) includes an international syndicate of new and current investors including Yaletown Partners, GE Ventures, BDC Capital and Kensington Capital Partners.
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Editor's Note: The Vancouver Sun reported that the initial Series C tranche financing round by Bit Stew Systems was for $8 million (and that the company is seeking or expecting a second tranche of an additional $17 million).
The company has confirmed in a subsequent email to T-Net that the specific financing amount of the initial 1st tranche of the Series C round is for $8.8 million CDN.
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“This additional funding from leaders in the Industrial Internet and investment community reflects a time of ongoing technology innovation, revenue growth, and new customer and partner adoption for our company,” says Kevin Collins, CEO at Bit Stew. “This investment re-affirms the venture capital community's continued confidence in our team, our unrivaled MIx Core™ platform, and the enormous market opportunity that lies ahead for Bit Stew in the IIoT.”
“Bit Stew is firmly positioned as a global leader in the Industrial Internet of Things space,” says Salil Munjal, Bit Stew Board Member, and General Partner at Yaletown Partners, Bit Stew's largest investor. “Accolades from Forbes and Gartner recognize Bit Stew's technology innovation, visionary leadership and rapid growth - achievements that we believed possible when Yaletown led the first institutional round for Bit Stew in 2013. The company has understandably attracted some top global investors to join us as shareholders including GE and Cisco.”
Kensington Capital Partners Leads Funding Round
Kensington Capital Partners is investing in Bit Stew for the first time through its Kensington Venture Fund.
With $900 million under management, Kensington invests in both funds and companies across venture capital, private equity, power and hedge funds in Canada and the US. The Kensington Venture Fund is a $306 million ‘fund of funds' investing in promising VC funds and technology companies in the IT, telecommunications, energy, cleantech, and digital media sectors.
“Part of the strategy for the Kensington Venture Fund is to invest in some of Canada's fastest growing energy and clean technology companies, such as Bit Stew, which is viewed as a leader in solving the data integration problem for the Industrial Internet,” says Michelle Scarborough, Senior Vice-President, Kensington Capital Partners. “We are delighted to partner with Bit Stew as they accelerate their growth and believe their MIx Core platform firmly positions them to disrupt established business models across multiple industries.”
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Additional Editor's Note: Bit Stew also closed a major $20.6 million Series B round last year in May 2015 from GE Ventures, Cisco, Yaletown Venture Partners and BDC Capital.
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Record Financial Growth & Market Expansion
Bit Stew recently announced record financial growth for 2015, the securing of a major customer in Europe, and new partnerships that will bring Bit Stew's MIx Core to emerging IIoT markets globally. Bit Stew reported a record year with 2015 bookings showing a 200% Year Over Year (YoY) growth, and revenues increasing by 171% over 2014. Bit Stew expanded its vertical reach across multiple industries and also closed the largest deal in the history of the company worth $8.8 M in 2015.
Industry Recognition
Forbes recently reported that an analysis executed by Mattermark Pro put Bit Stew on the map as one of the Top 100 Internet of Things (IoT) Startups in the world. It's the second time that Forbes has ranked Bit Stew to one of its influential business lists. Bit Stew was also named as one of the Top 100 Analytics Start-ups in the world by Mattermark, which continues to validate Bit Stew's growing market traction and contribution to the IIoT sector.
Key Milestones for Bit Stew
About Bit Stew Systems
Bit Stew provides the premier platform for handling complex data integration, data analysis, and predictive automation for connected devices on the Industrial Internet of Things (IIoT). Purpose-built for the IIoT, Bit Stew's MIx Core™ platform solves the data integration challenge at scale for complex industrial data environments. In 2015, Bit Stew was named to Greentech Media's Grid Edge 20 list, as one of the top 20 innovators architecting the future of the electric power industry, and was ranked as one of the Top 100 Analytics Companies and Top 100 IoT Startups by Forbes. Incorporated in 2009, Bit Stew is a venture-backed private company that is headquartered in Canada with offices in the USA, Australia and Europe. Visit www.bitstew.com to learn more.