VANCOUVER, B.C. (PRWEB) December 19, 2013
Bit Stew Systems Inc., a world-leading provider of integrated, real-time network operations solutions for the utility industry, announces the company has secured capital investment from Cisco and the highly-respected venture firm Yaletown Venture Partners.
With Cisco and Yaletown leading the investment round, Bit Stew is strongly positioned to execute on its rapid growth strategy that involves both geographic expansion, and movement into adjacent utility sectors, further establishing itself as a leader in the smart grid network technology market.
“We are extremely pleased to welcome our new investment partners to the Bit Stew family,” says Kevin Collins, CEO of Bit Stew Systems Inc. “The support of these key investors is validation that we’ve built a powerful and adaptable solution that has proven successful in meeting the unique needs of our customers and the market.”
Collins adds, “This financing will help the company scale for growth with aggressive plans for 2014 and beyond, which includes growing our revenue exponentially, attracting new talent, securing major new customers globally, and a launching an advanced version of our Grid Director product.”
“We are thrilled to confirm our investment in Bit Stew Systems Inc., who we view as an emerging leader and true innovator in the smart-technology space,” says Salil Munjal, Partner at Yaletown Venture Partners. “We’re proud to invest in a company that’s at the forefront of a burgeoning technology and setting a phenomenal pace for world-wide growth.”
Transforming the utility industry
The company’s flagship product, Grid Director, is revolutionizing the way the utility and distribution industries deploy, operate, secure and optimize their smart grids. Supporting both IP-based and proprietary networks, Grid Director is ideal for providing an enterprise view into large disparate device based networks, while offering predictive analytics, pattern recognition, complex event correlation, and quick and easy integration with other applications.
Grid Director® is currently in production at several large utilities in the United States, Canada and Australia and is rapidly becoming a global software standard for electric, gas, and water utilities. The platform is built to concurrently manage a network of connected devices and has proven scalability to over one billion end devices – making it an ideal platform for managing the Internet of Things (IoT).
“Our competitors simply cannot rival the superior performance, capability and flexibility that our advanced platform offers,” says Collins. “We have the right technology, at the right time, solving the right problems for our customers and there are no limitations to what we can achieve.”
About Bit Stew Systems Inc. & Grid Director®
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 a robust and scalable software platform that has transformed the way utility companies deploy, manage and optimize their smart grids all over the world. 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. Visit the Bit Stew team at booth #119 at DistribuTECH in January 2014, and learn more about the company at http://www.bitstew.com.