Briowireless Closes a $1 Million Financing With BDC Capital Inc.
MONTREAL, October 30, 2017 – Briowireless, a leader in the Internet of Things (IoT) cellular modem market, today announced that it received earlier this year a CAD$1 million loan from BDC Capital, the investment arm of the Business Development Bank of Canada (BDC).
“This loan is allowing us to pursue our growth strategy while strengthening our business relationship with BDC, an important Canadian financial institution,” said David Fromont, Chief Executive Office. “Our ability to obtain such a loan speaks to the strong business case of Briowireless. We view this as a significant step in a long term partnership with BDC,” he added.
“BDC Capital’s financing is namely helping Briowireless market its new BitPipe line of innovative products,” specified Louis-David Julien, one of the Managing Directors of BDC Capital’s Growth and Transition Capital division. BitPipe, which is already certified for use in Canada and the U.S., enables companies to rapidly add wireless networking capabilities to a wide range of new and existing equipment, as well as upgrade already connected equipment to the 3G cellular standard. “Briowireless is one of a number of IoT companies supported by BDC Capital. Plenty of Canadian entrepreneurs can take their place in this growing global market.”
The loan does not contain any convertible features or warrants. Its flexible repayment schedule will adapt to the company’s growth rate.
About Briowireless Inc.
Briowireless Inc. is a privately held corporation headquartered in Laval, Canada. Its mission is to provide leading edge, cost effective and innovative wireless devices to accelerate IoT solutions time to market.