Echosec to receive $ 2 million secured loan from TIMIA Capital

0

Echosec Systems, a Victoria-based online data aggregation platform, has entered into a three-year investment facility with TIMIA Capital, which involves a secured loan of $ 2 million.

The initial payment of $ 1 million has already been advanced, and the remaining $ 1 million will be spent at various stages during the term of the agreement.

“We are providing growth capital to a large company that understands how to deliver value and service through their software. “

Echosec is a web-based data discovery platform that helps organizations detect online data for threat intelligence. Echosec uses machine learning technology to aggregate and map content from hundreds of sources including social media, blogs, news, and the dark web. He recently launched a dark web search tool called Beacon, created to help security teams and public safety professionals securely find critical information on the dark web, through a standard web browser. user.

“Our flexible capital structure allows Echosec to increase its marketing and sales efforts to expand into its existing market and explore promising new opportunities,” said Greg Smith, CIO of TIMIA. “We provide growth capital to a large company that understands how to deliver value and service through its software to established clients ranging from small business to enterprise. “

RELATED: Coconut Software Receives $ 1.75 Million Debt Financing From CIBC

TIMIA typically invests in companies operating in the SaaS industry, including its investment in Vancouver-based BasicGov, a cloud-based operations management platform for government use. TIMIA has also invested in Vancouver-based FinTech FinHaven, payment automation Wagepoint, and workplace task automation company Beanworks.

“The cost of capital includes critical factors such as dilution, debt servicing and access to more capital as we scale,” said Karl Swannie, CEO of Echosec. “Our goal was to find flexible, non-dilutive financing solutions, and TIMIA provided the capital in a framework that worked for us and our team. We look forward to working with TIMIA in the future as a financial partner.

Image courtesy of Pixabay.


Source link

Share.

About Author

Comments are closed.