Echosec to receive $2 million secured loan from TIMIA Capital

echosec

Victoria-based Echosec Systems, an online data aggregation platform, has entered into a three-year investment facility with TIMIA Capital, which involves a secured loan of $2 million.

The initial payment of $1 million has already been advanced, and the remaining $1 million will be spent throughout various stages over the term of the agreement.

“We’re providing growth capital to a great company who understand how to provide value and service through their software.”

Echosec is a web-based data discovery platform that helps organizations detect online data for threat intelligence. Echosec uses machine learning technology to aggregate and map content from hundreds of sources including social media, blogs, news, and the dark web. It recently launched a dark web search tool called Beacon, created to help security teams and public safety professionals find critical information from the dark web securely, through a user’s standard web browser.

“Our flexible capital structure allows Echosec to increase their marketing and sales efforts to expand within their existing market, and explore new promising opportunities,” said Greg Smith, CIO of TIMIA. “We’re providing growth capital to a great company who understand how to provide value and service through their software with established customers ranging from small business to enterprise.”

RELATED: Coconut Software receives $1.75 million in debt financing from CIBC

TIMIA typically invests in companies operating in the SaaS industry, including its investment in Vancouver-based BasicGov, a cloud-based operations management platform for government use. TIMIA also has invested in Vancouver-based FinTech FinHaven, payment automation Wagepoint, and workplace task automation company Beanworks.

“The cost of capital includes critical factors such as dilution, debt servicing and access to more capital as we scale,” said Karl Swannie, CEO of Echosec. “Finding flexible and non-dilutive financing solutions was our goal, and TIMIA provided the capital within a framework that worked for us and our team. We look forward to working with TIMIA going forward as a financial partner.”

Image courtesy Pixabay.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast