Bit Stew Systems Completes Initial Closing of Series C 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 19, 2016: Bit Stew Systems, developer of the premier platform that solves the data integration challenge in the Industrial Internet of Things (IIoT), today announced the initial closing of Series C funding to help advance the company’s global market growth and development plans.
The undisclosed investment round includes an international syndicate of new and current investors including Yaletown Partners, GE Ventures, BDC Capital and Kensington Capital Partners.
“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.”
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.
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
- In 2016, the Canadian Venture Capital Association (CVCA) named Bit Stew as one of the Top 50 Technology Investments in Canada.
- In 2016, Bit Stew earns its spot on the Global Cleantech Ones to Watch List.
- In 2016, BCTIA names Bit Stew as a finalist for the Technology Innovation Award for Company of the Year.
- In 2015, Bit Stew expands into Europe by securing Scottish and Southern Energy Power Distribution (SSEPD) as a customer, which serves 3.7 million customers across Scotland and Southern England.
- In 2015, Bit Stew signs a significant software and services contract to deploy MIx Core with a large, Northeast US utility with 10.5 million customers.
- In 2014 and 2015, Bit Stew raised $25.8 million in Series A & B Funding by major players in the Industrial Internet and investment community.
- In 2013, Bit Stew was named to Gartner’s Cool Vendors List.
- In 2013, Bit Stew earned Frost & Sullivan’s Entrepreneur of the Year award, which recognizes innovation, leadership and best practices.
 Unless otherwise noted, all financial figures are presented in Canadian dollars (CDN$).