- The financing’s proceeds will support the hiring of executives to round out the management team as well as new engineering, sales and marketing personnel
- BDC Capital is the investment arm of BDC, a bank for Canadian entrepreneurs
BDC Capital’s Growth & Transition Capital division has provided C$2 million in non-dilutive financing to Halifax-based Global Spatial Technology Solutions, a provider of maritime data and analytics.
The funding is part of a larger capital program intended to help the company execute its growth strategy for the current year.
The deal’s proceeds will be used to accelerate the roll out of GSTS’s Maritime Artificial Intelligence Platform, OCIANATM. The company has spent 10 years developing this platform, in collaboration with various user groups, before launching it commercially last year.
The BDC Capital financing will specifically support the hiring of executives to round out the management team as well as new engineering, sales and marketing personnel. The full financing package is also meant to position GSTS for a new equity raise in the near future.
“The funding from BDC will enable GSTS to expand our team and global reach to support maritime safety, security and efficiency,” said Richard Kolacz, GSTS CEO, in a statement. “We have a rapidly expanding customer base who are benefitting from the capabilities that OCIANATM provides by improving predictability and reducing costs, emissions and manpower needs.”
GSTS is backed by Canadian venture capital firms Innovacorp and Ecofuel as well as other private investors.
BDC Capital is the investment arm of BDC, a bank for Canadian entrepreneurs. With over C$3 billion under management, it serves as a strategic partner to the country’s most innovative firms.