Vancouver, BC – November 16, 2016: Yaletown Partners, the first and largest investor in Bit Stew Systems, was rewarded for its emerging growth investment into Canada’s Industrial Internet of Things future when Bit Stew Systems announced yesterday that the company has been acquired by GE Digital (NYSE: GE).
“We congratulate the Bit Stew team on making a significant contribution to Canadian technology for Intelligent Industry, and from right here in the Vancouver area,” said Salil Munjal, Yaletown’s General Partner and Chair of the Bit Stew Board. “Yaletown has been delighted to support Bit Stew in every financing since co-leading their Series A round in 2013. We’ve been rewarded with about a 7x return on that initial investment.”
As Bit Stew grew, Yaletown and Bit Stew were fortunate to attract and collaborate with a strong investor syndicate that included Cisco Systems, GE Ventures, BDC Capital and Kensington Capital.
Incorporated in 2009, Bit Stew expanded to become the premier data integration platform for the Industrial Internet of Things (IIoT) providing data analysis and predictive automation for connected devices used by industrial customers including utilities, manufacturing, aviation and oil and gas. The company earned global recognition on the Gartner Cool Vendors List and with ranking by Forbes as one of the Top 100 Analytics Companies. By applying machine intelligence to data integration, customers found Bit Stew technology could reduce project costs by an average of 90% compared to traditional approaches.
Beyond Bit Stew, Yaletown has investments in several other IIoT innovators, reflecting the firm’s focus on Intelligent Industry. Smart Grid, IIoT and other related technologies fall into the Intelligent Industry category which encompasses technologies enabling traditional industries such as natural resources, manufacturing, transportation and agriculture to enhance their capital productivity, environmental sustainability and energy efficiency.
See acquisition press release on Bit Stew website.
About Yaletown Partners – yaletown.com
Yaletown invests in emerging-growth technology companies in Canada that enhance sustainability and productivity for industrial and enterprise customers. Our investments help Canadian technology companies in their initial growth phase to accelerate their growth, shorten exit timeframes and achieve strong exit premiums. Since 2013, Thomson Reuters’ has ranked Yaletown as one of Canada’s most active private independent technology investors. Yaletown is led by a team with more than 120 years collective experience building and financing technology companies, and 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
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