Burnaby-based Bit Stew Systems was started in 2005 by Kevin Collins and Alex Clark, and provides data integration and management solutions to the utility industry with its main product, MIx Director.
With offices in the United States, Australia, and Europe, the company seems to be continuing to grow with a $17.2 million USD ($20.6 million Canadian) Series B investment led by General Electric (GE). Also participating in the round were Cisco Investments, Yaletown Venture Partners, BDC Capital, among others.
The new funding will be used to assist the company to develop new products in its “year of ongoing technology innovation,” drive revenue growth and customer adoption, and also enter new markets.
Kevin Collins, CEO of Bit Stew Systems, said, “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. Our investors recognize how Bit Stew’s MIx Core platform improves operations by minimizing the complexity of managing massive data sets in industrial environments.”
Brett May, Head of Ventures and Business Development at GE Software, noted, “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.”
This latest round of VC funding brings Bit Stew’s total amount raised to over $30 million. The company first raised $5 million in 2013, followed by $3.5 million in 2014.