Bit Stew Systems recently raised $17.2 million in a Series B funding round.
The investment round was led by GE Ventures and included existing investors Cisco Investments and Yaletown Venture Partners, plus BDC Capital and others.
“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,” said Kevin Collins, CEO of Bit Stew Systems.
A catalyst in the formation of Software Defined Operations, Bit Stew’s MIx solutions have turned massive industrial data sets into data-driven automation for better operational efficiency, improved asset performance, and greater uptime.
“Our investment in Bit Stew Systems reflects our belief in the tremendous potential for their technology to unlock the value of the Industrial Internet and to make an immediate impact through new efficiencies and operational improvements,” said Brett May, Head of Ventures and Business Development at GE Software.
“We’re pleased to have secured this significant investment in our Series B round of funding and plan to use the capital to grow the company by expanding into additional industrial markets,” Collins added.