June 29, 2017
CEI Ventures Investment in NBT Solutions Helps Grow Tech Jobs in Maine
June 29, 2017 (Portland, ME) – NBT Solutions, a nine year old mapping software development company specializing in telecommunications mapping solutions, today announced the closing of a Seed Round of equity investment. The round was led by the Maine Venture Fund and CEI Ventures, Inc, with major support from the Bangor Angels and the Maine Angels.
NBT Solutions was founded in 2007 as a ‘Spatial IT’ software development company with a deep GIS and mapping pedigree. Co-founders Will Mitchell (CEO) and Sean Myers (COO) both have advanced GIS degrees and over 20 years of experience providing GIS solutions to clients. They discovered a market opportunity for modern cloud based mapping systems for fiber optic network planning, design, inventory, and management in a growing and fragmented broadband market. In particular the small and mid-sized ISPs, rural telcos, and community broadband network builders needed better mapping tools and build and operate more efficiently and to compete.
In VETRO FiberMap™ the NBT Solutions team has built a disruptive technology in a traditional infrastructure application space. The platform takes ease of use to a new level in the highly complex engineering context of managing fiber strands, splicing, and circuits. And by delivering an open-API architected solution built entirely in house using open source geospatial tools and libraries, the network mapping can be leveraged in entirely new ways with greater flexibility and at a lower cost.
Understanding that broadband is now a critical utility and that networks in the U.S. and globally are being modernized and rebuilt to keep up with bandwidth demand, the investors are backing NBT Solutions’ vision of delivering the best mapping solution into this growth market.
For CEI Ventures, Inc., the for-profit venture capital subsidiary of Coastal Enterprises, Inc. (CEI), this is the fourth investment of its fourth fund. Coastal Ventures IV LP’s $350,000 investment advances CEI’s socially responsible fund portfolio with the addition of an innovative mapping applications provider exporting their product to a global broadband infrastructure marketplace.
“NBT Solutions is a cornerstone of Portland’s thriving tech sector, providing good jobs and attracting talent and innovation to Maine,” said Nat Henshaw, President of CEI Ventures. “Our decision to invest in them was based on several factors, including rave customer reviews. In addition, our local partners Maine Venture Fund, Maine Angels, and Bangor Angels are co-investors. We know how bubbly the global market is for the expansion of rural internet services. NBT Solutions works with providers to help them decide where to focus their resources.”
Will Mitchell, co-founder of NBT Solutions added, “We welcome this investment and the opportunity to work in partnership with Coastal Ventures, MVF and the Angels. We have received tremendous local support from the Maine Technology Institute, local ISP Customers, mentors, advisors, and now a strong group of investors. Our product-market fit has been established, and this growth capital will enable us to accelerate on all fronts and become a major enabler of broadband buildouts.”
The firm plans to double employment over the next three years.
About NBT Solutions LLC and VETRO FiberMap™
VETRO FiberMap™ is a product of NBT Solutions, LLC, founded by experienced GIS mapping professionals who have long provided innovative technology and services to wireline and wireless telecommunications customers. Our VETRO FiberMap™ Solution is a unique cloud based fiber network inventory platform, with an unrivaled suite of tools for the small and mid sized ISP. Our fiber network GIS solution has the functionality, affordability and scalability to help level the playing field. To learn more about the VETRO FiberMap™ solution, arrange demos and request a free trial please visit www.vetrofibermap.com, email us at email@example.com or call 207.221.6627.
To learn more about NBT Solutions please visit www.nbtsolutions.com.