Sutus Inc., a Vancouver-based maker of an integrated communications device for office management, has raised C$5 million in new VC funding from existing backers BDC Venture Capital and GrowthWorks Capital.
Sutus Inc., the company behind the Sutus Business Central?, a unique all-in-one device that combines all IT data communications and Telephony features required to run a modern-day office, today announced it has secured $5 million in funding from BDC Venture Capital and GrowthWorks Capital. The funding will be used for sales and channel expansion as the company continues to grow since launching its flagship product in late 2007.
With six awards from prominent industry publications, rapid growth of its sales Channel and intense market interest, Sutus is the leader in the new and quickly expanding “all-in-one” small office communications market.
The Sutus Business Central? integrates all essential IT and communications tools a small business needs into a single, easy-to-use-appliance. It is a business-class phone system with a wide array of advanced data and networking functions such as: file server, email server, router, firewall, wireless access point, VPN remote access server, automated backups, and the ability to simultaneously support both standard phone line and VoIP connections.
“Sutus has been extremely well received by small businesses and partners alike because, quite simply, we are the only company genuinely championing the needs of the small business and the channel that services them” said Shawn Chute, EVP of Sutus. “Completing this round of funding ensures we will continue to focus on the many opportunities we have created since launching the Business Central and expanding our market presence.”
Tracy Seward, Sutus VP Finance said “We are thrilled that BDC Venture Capital and Growthworks have renewed their commitment to us. The market is developing extremely quickly as small businesses recognize the benefits of this technology. It is vital we move fast to meet the growing demand; this round of funding ensures we can focus our efforts on doing just that.”
“We believe that Sutus’ Business Central is a competitive product from a feature set and cost perspective as well as its ease of use.” said Geoff Catherwood, Director of BDC Venture Capital. “Sutus’ Business Central allows small businesses to act like large companies to the outside world and it is a strong candidate to lead the new Multi-Service Business Gateway (MSBG) market which we feel is unique in the market.”
InStat qualifies Multi-service Business Gateways (MSBG) as hardware which combines phone systems with other mission-critical components like routers and servers, and has estimated the market at US$615 million in 2007 and projected to rocket to US$2.6 billion by 2010.
“Management has done a great job of building a product that addresses a specific market need and engaging customers. With the technology and market risk addressed we look forward to helping scale Sutus.” said Joe Timlin, Vice President Investments at GrowthWorks Capital.
About GrowthWorks Capital
GrowthWorks* (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks? managed funds have $800 million in combined assets and include the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund and GrowthWorks Atlantic Venture Fund. GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The investment team has a proven track record of identifying, analyzing, and structuring investments in emerging sectors.
*GrowthWorks refers to affiliates of GrowthWorks Ltd.
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from start-up through expansion, with a focus on technology based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages over $550 million in venture capital assets invested in the areas of biotechnology, medical and health related technology, telecommunications, information technology and electronics.
Sutus (www.sutus.com) provides small businesses with an enterprise quality all-in-one solution that delivers office network and telephone infrastructure that is affordable, robust and extremely flexible. The Sutus Business Central? is the winner of INTERNET TELEPHONY magazine’s 2007 product of the year award and IT Expo’s ‘Best Newcomer’ award. It is designed specifically for offices with up to 25 users providing all core IT infrastructure as well as on-demand turnkey VoIP and other advanced phone and data services through Sutus business partners. The Business Central significantly improves a reseller’s ability to easily service small business customers with locations of 25 users or less.