Canada-based industrial internet technology provider Bit Stew Systems raised $17.2m today in a series B round led by GE Ventures, industrial conglomerate General Electric’s corporate venturing unit.
Cisco Investments, the investment arm of networking technology supplier Cisco, venture capital firm Yaletown Venture Partners and BDC Capital, a subsidiary of Business Development Bank of Canada, also took part in the round.
Founded in 2009, Bit Stew’s data automation technology uses machine intelligence to learn patterns in data that help industrial companies in the utilities and oil and gas sectors to improve their efficiency.
Brett May, head of ventures and business development at General Electric subsidiary GE Software, said: “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.
“We have closely monitored Bit Stew’s success in the utilities sector and their growth into oil and gas markets. We are pleased to support them as they press their advantage to expand their promise and innovation into new markets.”
Bit Stew previously raised an undisclosed sum from Cisco and Yaletown in December 2013, and $3.5m in debt financing from Silicon Valley Bank in May 2014.