Bit Stew Systems Closes $17.2 Million in Series B Funding
GE Ventures makes significant investment along with new investor BDC Capital; existing investors Cisco Investments and Yaletown Venture Partners join in the funding round
VANCOUVER, British Columbia, May 12, 2015 /PRNewswire/ -- Bit Stew Systems, a leader in Software Defined Operations for the Industrial Internet, today announced that it has raised an additional $17.2 million1 in a Series B funding round. The investment round, led by GE Ventures, includes existing investors Cisco Investments and Yaletown Venture Partners, and brings new investment from BDC Capital and others, affirming confidence in Bit Stew's technology, leadership and market opportunity.
The new funding from the leaders in the Industrial Internet continues a year of ongoing technology innovation, revenue growth and customer adoption, new market opportunities and recognition for Bit Stew Systems and its innovative software solutions.
"Securing significant investments from technology giants GE and Cisco supports our market-leading technology and will allow us to scale our business into new industries and additional geographic markets," said Kevin Collins, CEO of Bit Stew Systems. "Our investors recognize how Bit Stew's MIx Core™ platform improves operations by minimizing the complexity of managing massive data sets in industrial environments."
A catalyst in the formation of Software Defined Operations, Bit Stew's MIx solutions have turned massive industrial data sets into data-driven automation for better operational efficiency, improved asset performance, and greater uptime. The MIx Core platform is the culmination of industry-hardened machine learning derived from trillions of data points analyzed throughout the utility industry and now oil and gas. Purpose-built for the Industrial Internet, on a daily basis, MIx Core processes and analyzes greater volumes of data than most of the world's largest social networks. MIx Director™, powered by the data management capabilities of MIx Core, turns data into actionable insights for operators who can supplement its capabilities by adding MIx Apps that solve specific use cases utilizing data analytics and visualizations.
"Our investment in Bit Stew Systems reflects our belief in the tremendous potential for their technology to unlock the value of the Industrial Internet and to make an immediate impact through new efficiencies and operational improvements," said Brett May, Head of Ventures and Business Development at GE Software. "We have closely monitored Bit Stew's success in the utilities sector and their growth into oil and gas markets. We are pleased to support them as they press their advantage to expand their promise and innovation into new markets."
KEY MILESTONES FOR BIT STEW:
Over the past year, Bit Stew has achieved significant milestones in innovation and adoption of this key technology. In that time, the company:
- Introduced the MIx Core™ 8.0 platform which automates the data ingestion process in industrial environments, removing the complexity of operations and connected machines and giving unprecedented insight and control back to the operator;
- Released MIx Director™ 4.0 (formerly known as Grid Director), built upon the Mix Core platform to drive new operating efficiencies, optimize asset reliability, minimize lost revenue and improve customer satisfaction;
- Added three large west coast utilities, including PG&E, to its roster of top customers in the industry;
- Announced a new partnership with RoviSys Corporation that brings the power of Bit Stew technology to the upstream and midstream oil and gas markets;
- Earned a place on Gartner's Cool Vendors in Energy and Utilities list;
- Was recognized on Greentech Media's prestigious Grid Edge 20 list as one of the top 20 innovators architecting the future of the electric power industry;
- Achieved Frost & Sullivan's 2014 Entrepreneurial Company of the Year Award – North American Service Solutions for Utilities.
"We are excited to continue our close collaboration with Bit Stew, a visionary company that is bringing next-generation technologies and disruptive business models to industrial markets," says Rob Salvagno, Vice President, Cisco Corporate Development. "As an investor and partner, we are bringing together Internet of Things solutions that are solving our joint customers' most challenging problems."
Collins adds, "We're pleased to have secured this significant investment in our Series B round of funding and plan to use the capital to grow the company by expanding into additional industrial markets. Building on our proven success in the utilities sector, we recently announced our entry into the oil and gas sector and are excited to expand into new markets. This additional funding will allow us to pursue these new opportunities with increasing vigor."
ADDITIONAL RESOURCES:
- Read more about Mix Core technology, purpose built for the Industrial Internet
- Learn how Mix Director provides actionable intelligence to the oil and gas and utilities markets
- Download the free Cisco/Bit Stew white paper, Distributed Intelligence - Unlocking the Benefits of the Industrial Internet
- Watch an interview with Bit Stew CEO, Kevin Collins and Matt Erickson of Cisco from the floor of DistribuTECH 2015
- Bit Stew is headquartered in Vancouver with expanding operations in the San Francisco Bay Area. With more than 80 team members, Bit Stew is rapidly growing and is always looking for innovative talent. For career opportunities, visit http://www.bitstew.com/careers.
About Bit Stew Systems
Through data-driven automation, Bit Stew Systems removes the complexity of industrial operations and connected machines to give clarity and control back to the operator. Purpose-built for the Industrial Internet, Bit Stew's MIx Core™ platform automates data ingestion, applies machine intelligence to learn patterns in the data, allowing industrial companies to discover actionable insights that optimize operational performance. MIx Director™ (formerly Grid Director™) is powered by the MIx Core platform, and is the application that industrial enterprises rely on for a contextual and real-time view of their operations, assets and customers. Incorporated in 2009, Bit Stew is a venture-backed private company that is headquartered in Canada with offices in the USA, Australia and Europe. Bit Stew was recently named to Greentech Media's Grid Edge 20 list, as one of the top 20 innovators architecting the future of the electric power industry. In 2014, Bit Stew was also recognized on the Gartner Cool Vendors in Energy & Utilities list and as the Frost & Sullivan Entrepreneurial Company of the Year – North American Service Solutions for Utilities. Visit www.bitstew.com to learn more.
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE's technical expertise, capital and opportunities for commercialization through GE's global network of business, customers and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing and development resources in over 100 countries. For more information, please visit www.geventures.com.
About Yaletown Venture Partners
Yaletown Venture Partners invests in emerging-growth sustainability innovation and intelligent enterprise technology companies in Canada and the US Pacific Northwest. With offices in Vancouver, Calgary and Seattle, Yaletown is led by a team that brings together industry relationships and more than 130 years collective experience building and financing technology companies. Founded in 2002, Yaletown is backed by leading institutional investors and a network of successful technology entrepreneurs, executives, and angel investors. Find out more about Yaletown and our portfolio of companies at www.yaletown.com.
About BDC Capital
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies' development over the long term. From venture capital and equity, to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.
1 $20.6 Million Canadian Dollars (CAD)
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SOURCE Bit Stew Systems
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