BTI raises $23 million in venture financing

BTI Systems has raised US$23 million in capital from a consortium of venture capital investors to further develop its technology for streaming video on existing networks. The financing marks the second time in six months that the Ottawa-based company has raised new capital, following an $11-million round last year. With 220 employees, 14-year-old BTI has rapidly increased revenues, with sales of $52 million last year, up 40% from 2009. BTI has not disclosed the lead US-based VC firm but follow-on investors include GrowthWorks, Vengrowth and the Business Development Bank of Canada….