Companies · Telecommunications

BTI Systems Inc.

OTTAWA · Telecommunications

Diligence memoA one-page analyst read on BTI Systems Inc. — recommendation, valuation, rhythm, risks.
$95.4M
Total raised · real
10
Rounds
0.2×
Latest step-up
Top 9%
Sector rank · raised
Series B
Latest stage · inferred · Tue Feb 17 2015 00:00:00 GMT+0000 (Coordinated Universal Time)

BTI Systems Inc. looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the telecom sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.26× the median modeled value of Series B Telecommunications companies in 2013–2015 (14 peers) — value vs value, same stage and era.
Dormant
  • Last raise 11.4 yr ago; this sector typically re-raises about every 10 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Telecommunications

BTI Systems Inc. is one of 929 Telecommunications companies tracked from OTTAWA. By capital raised it ranks among the largest (ahead of 92% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeed · 2009-03-31 Raised $2.5M (real) Modeled valuation $54M (est)Seed2009Seed · 2009-05-26 Raised $1.7M (real) Modeled valuation $36M (est)Seed2009Seed · 2009-10-09 Raised $1.5M (real) Modeled valuation $32M (est)Seed2009Seed · 2009-11-12 Raised $2.5M (real) Modeled valuation $53M (est)Seed2009Seed · 2010-01-21 Raised $3.3M (real) Modeled valuation $70M (est)Seed2010Series B · 2011-03-25 Raised $23M (real) Modeled valuation $443M (est)Series B2011Series B · 2012-12-20 Raised $8.5M (real) Modeled valuation $164M (est)Series B2012Series B · 2013-11-22 Raised $21M (real) Modeled valuation $404M (est)Series B2013Series B · 2013-11-22 Raised $27M (real) Modeled valuation $520M (est)Series B2013Series B · 2015-02-17 Raised $4.5M (real) Modeled valuation $87M (est)Series B2015+$1.7M+$1.5M+$2.5M+$3.3M+$23M+$8.5M+$21M+$27M+$4.5MCumulative $95M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$2.5M · 2009
Seed extension$1.7M · 2009
Seed extension$1.5M · 2009
Seed extension$2.5M · 2009
Seed extension$3.3M · 2010
Series B$23.0M · 2011no Series A on file
Series B extension$8.5M · 2012
Series B extension$21.0M · 2013
Series B extension$27.0M · 2013
Series B extension$4.5M · 2015

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$86.6M
Base estimate est.
$10.9M
Conservative case
$333.3M
Upside case
$25.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the telecom sector profile. Directional, not a quoted figure.

Seed · modeled $53.5M · 2009-03-312009Seed · modeled $36.3M · 2009-05-26Seed · modeled $32.3M · 2009-10-09Seed · modeled $53.1M · 2009-11-12Seed · modeled $70.4M · 2010-01-21Series B · modeled $442.6M · 2011-03-25Series B · modeled $163.7M · 2012-12-20Series B · modeled $404.1M · 2013-11-22Series B · modeled $519.6M · 2013-11-22Series B · modeled $86.6M · 2015-02-172015
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
66%
Survival probability
44% low · 81% high
1.32×/yr
Annual markup
1.60×/yr upside case
6.0 yr
Elapsed time used
11.4 yr actual, capped for stale marks
telecom
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$16.2M/yr
Capital velocity
17.3 yr
On record since
2009
First round
10
Rounds on file
How it compares to the market

Benchmarked against 929 companies in Telecommunications. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 24× above median
This company$95.4M
Sector median$4.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.3× of median
This company$4.5M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 3.1× above median
This company$86.6M
Sector median$28.3M

Raised more than 92% of sector peers (real $). Modeled value above 70% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #11 of 14.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Nova Towers Holdings I, LLC · Series B Raised $47.8M · modeled $542.7M (est)Mbs Holdings Inc · Series B Raised $37.5M · modeled $529.5M (est)Syniverse Corp · Series B Raised $24.8M · modeled $476.3M (est)Horizon Tower Ltd Partnership-II · Series B Raised $84.4M · modeled $464.7M (est)Kaiam Corp. · Series B Raised $37.2M · modeled $384.9M (est)Collinear Networks, Inc. · Series B Raised $37.7M · modeled $340.2M (est)CVE Technology Group, Inc. · Series B Raised $17.5M · modeled $336.8M (est)Lifesize, Inc. · Series B Raised $17.5M · modeled $336.8M (est)SpiderCloud Wireless, Inc. · Series B Raised $164.8M · modeled $292.5M (est)Ooma Inc · Series B Raised $96.6M · modeled $98.5M (est)Antenna Software Inc · Series B Raised $57.8M · modeled $49.3M (est)BTI Systems Inc. (this company) Raised $95.4M · modeled $86.6M (est)BTI Systems Inc.
CompanyStageRaised · realValue · estvs peer med.
Nova Towers Holdings I, LLCSeries B$47.8M$542.7M1.61×
Mbs Holdings IncSeries B$37.5M$529.5M1.57×
Syniverse CorpSeries B$24.8M$476.3M1.41×
Horizon Tower Ltd Partnership-IISeries B$84.4M$464.7M1.38×
Kaiam Corp.Series B$37.2M$384.9M1.14×
Collinear Networks, Inc.Series B$37.7M$340.2M1.01×
CVE Technology Group, Inc.Series B$17.5M$336.8M1.00×
Lifesize, Inc.Series B$17.5M$336.8M1.00×
SpiderCloud Wireless, Inc.Series B$164.8M$292.5M0.87×
Ooma IncSeries B$96.6M$98.5M0.29×
BTI Systems Inc. this companySeries B$95.4M$86.6M0.26×
Antenna Software IncSeries B$57.8M$49.3M0.15×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$2.5M2009-03-31$12.4M$53.5M90%
Seed$1.7M2009-05-26$8.4M$36.3M90%
Seed$1.5M2009-10-09$7.5M$32.3M90%
Seed$2.5M2009-11-12$12.3M$53.1M90%
Seed$3.3M2010-01-21$16.3M$70.4M90%
Series B$23.0M2011-03-25$127.8M$442.6M90%
Series B$8.5M2012-12-20$47.3M$163.7M90%
Series B$21.0M2013-11-22$116.7M$404.1M90%
Series B$27.0M2013-11-22$150.0M$519.6M90%
Series B$4.5M2015-02-17$25.0M$86.6M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$2.5M2009-03-31
    • First recorded raise — entered as Seed.
  2. Seed$1.7M2009-05-26
    • Came back fast: 2 mo vs the ~10 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
  3. Seed$1.5M2009-10-09
    • Came back fast: 4 mo vs the ~10 mo sector norm.
    • Round roughly the size of the prior one.
  4. Seed$2.5M2009-11-12
    • Came back fast: 1 mo vs the ~10 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
  5. Seed$3.3M2010-01-21
    • Came back fast: 2 mo vs the ~10 mo sector norm.
    • Round 1.3× larger than the prior — scaling up.
  6. Series B$23.0M2011-03-25
    • Raised 14 mo later, in step with the ~10 mo sector norm.
    • Round 7.0× larger than the prior — scaling up.
  7. Series B$8.5M2012-12-20
    • Raised again after 21 mo — slower than the ~10 mo sector norm.
    • Round 2.7× smaller than the prior — bridge or down round.
  8. Series B$21.0M2013-11-22
    • Raised 11 mo later, in step with the ~10 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
  9. Series B$27.0M2013-11-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
  10. Series B$4.5M2015-02-17
    • Raised 15 mo later, in step with the ~10 mo sector norm.
    • Round 6.0× smaller than the prior — bridge or down round.
Intelligence
2015 ~Q4
Modeled next raise · ~8mo cadence
$4.5M
Modeled next size est.range $4.5M$7.2M
0.2×
Last step-up
$16.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
David Furneaux7 other2009-03
Michael A. Krupka4 other2012-12
John Mills2 other2009-03
William I. Campbell2 other2009-05
Colin Doherty1 other2015-02
Gregory Koss1 other2009-03
J. Ian Giffen1 other2009-05
John M. Mills1 other2009-10
Marco Pagani1 other2009-03
Nazmin J. Alani1 other2013-11
Paul Harrison1 other2009-03
Richard Charlebois1 other2009-03
Thomas A. Houston1 other2011-03
Allan M. Kline2009-03
Andrew Vignuzzi2011-03
Deepak A. Sindwani2012-12
Deepak I. Sindwani2011-03
Deepak J. Sindwani2013-11
Ed Chaplin2009-05
Ed M. Chaplin2009-10
George Chase2009-03
Glenn M. Thurston2009-10
Glenn Thurston2009-03
Jon Boocock2009-03
Registry & provenance

BTI Systems Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1450762
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
CALIENT Technologies INCTelecommunicationsSeries B$109.1M$615.1Mnetwork1 shared operator · same sector · same stage
Ooma IncTelecommunicationsSeries B$96.6M$98.5Msame sector · same stage
Atento Luxco 1 S.A.TelecommunicationsSeries B$88.6M$24.1Msame sector · same stage
AURA Network Systems, Inc.TelecommunicationsSeries B$106.8M$18.8Msame sector · same stage
Alianza IncTelecommunicationsSeries B$84.0M$66.4Msame sector · same stage
Sonim Technologies IncTelecommunicationsSeries B$69.5M$137.1Msame sector · same stage
Blues Wireless Inc.TelecommunicationsSeries B$66.2M$38.8Msame sector · same stage
Phenix Real Time Solutions, Inc.TelecommunicationsSeries B$60.4M$21.7Msame sector · same stage
Frequently asked
How much funding has BTI Systems Inc. raised?
BTI Systems Inc. has raised approximately $95.4M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is BTI Systems Inc.'s estimated valuation?
Provath's modeled valuation for BTI Systems Inc. is approximately $86.6M (modeled range $10.9M–$333.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is BTI Systems Inc. at?
BTI Systems Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Tue Feb 17.
What does BTI Systems Inc. do and where is it based?
BTI Systems Inc. operates in the Telecommunications sector, based in OTTAWA.
Explore related

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