As a sponsor of the National Electrical Contractors Association (NECA), OpenSpace is committed to providing valuable insights and resources to our customers and industry peers. Recently, we had the privilege of hosting a series of fireside chats with distinguished NECA members TCE and Cleveland Electric. These engaging conversations touched upon various aspects of our industry…
OpenSpace Is in a Strong Position in the Wake of the SVB Collapse
March 10th, 2023
We’re gratified that the U.S. Federal Government stepped in to extend FDIC protection for all Silicon Valley Bank depositors. While our business was not at risk because of this, we know others in the startup community who were facing the prospect of not meeting payroll this week. We’re relieved this crisis has been averted. To our customers and community: know that we’re moving forward and focused on building great solutions for our industry.
You likely saw in the news that earlier this morning, the FDIC took control of Silicon Valley Bank (SVB) after a run on deposits led to its collapse.
This is a sad state of affairs for many. Our heart goes out to those affected, including all the good people who worked at SVB. Fortunately for OpenSpace, this does not impact us. We did not rely on SVB to hold our capital; we have a strong financial position, solid growth, and scale.
We’ve built this company to last: to be a strong, reliable partner to our customers for the long haul. While this unfortunate event will be a crisis for many, we are set up to move forward and keep building great products, partnerships, and relationships with all of you.
If any of you have a relationship with us and would like more information, please don’t hesitate to get in touch with your contact.