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Bit Stew Systems Secures $3.5MM Credit Facility From Silicon Valley Bank

May 28, 2014, 06:59 AM
Filed Under: Technology

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.

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."

Temple 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."

Bit Stew Systems was recently named to the Gartner Cool Vendors in Energy & Utilities list for 2014.

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.

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