In January, BTI disclosed to OBJ that it had quietly raised $8.5 million for an upcoming initiative. The reason it remained under the radar was because the fund had not yet closed, according to Sally Bament, BTI Systems’ senior vice-president of global marketing.
Since then, the Ottawa-based network infrastructure provider has raised an additional $1.5 million and developed a platform called Intelligent Cloud Connect that provides infrastructure for cloud services. The solution combines routing and application software developed in its Littleton, Mass. location, as well as an optical networking solution developed in Ottawa.
BTI claims that the software quadruples capacity and scale, reduces latency by half and increases network applications performance by as much as 10 times compared to legacy solutions.
“Our horizon is very bright,” Ms. Bament said. “I think it’s a wonderful time to be in the networking business.”
The funding round was led by Boston-based Bain Capital Ventures and included existing investors BDC, Covington Capital and GrowthWorks.
BTI has raised more than $33 million since the first quarter of 2011, and has a 40 per cent compound growth rate over the past six years, from 2007 to 2012.
The money was raised to accelerate development of the platform due to market demand, Ms. Bament said.
BTI projects that cloud data center traffic will grow six fold by 2016, with inter-data centre traffic at the equivalent of 1.7 trillion hours of online high-definition video streaming.
Providing Internet, fibre and hosting services, the company equips service providers to build out bandwidth networks. It was founded in 2000 and has regional offices across the globe.
Currently, 160 employees work out of its Kanata facility.
Last August, BTI Systems experienced its strongest quarterly growth on record with 30 new customers and increased revenues. It marked BTI Systems’ sixth straight quarter of growth. The privately held company does not disclose its financial data.
The company made Deloitte’s Technology Fast 50 list for 2012, with revenue growth of 334 per cent. The list honours Canada fastest growing tech companies.