Israel-based Bit, a company that provides open-source tools and a cloud platform to assist developers to build component-based software, has raised USD 25 million in a Series B funding round, the company announced on Tuesday. The round was led by New York-based global venture capital and private equity firm Insight Partners.
Existing investors Disruptive VC and entrepreneurs from Wix and Synk also participated in the round. Bit has raised a total of USD 36 million in funding to date.
The infusion of capital will help Bit further expand its offering to empower developers and organizations alike to build component-driven software.
Founded in 2015 by Ran Mizrahi, Yonatan Sason, and Jonathan Saring, Bit enables developers to turn existing source code into components that can then be used to build software. Components can be anything from UI elements to entire applications, pages, and even backend services.
The company operates remotely on four continents. Bit’s open-source tools and SaaS platform helps over 200,000 developers and dozens of Fortune 500 companies scale and improve web application development, according to the firm.
Earlier this year, Bit released a new beta product version which has been adopted by organizations including Dell, AT&T, and Moody’s, according to a press release. The new beta product version was created to help them transition from monoliths to component-driven software to boast consistency, speed, and scale.
“Accelerating digital innovation is critical for modern businesses to drive success and make an impact,” said Ran Mizrahi, founder and CEO of Bit.
“But scaling the development of modern applications is hard. While components are the primitive of the modern web, with old tooling developers are still forced to build web applications in a monolithic way. Even applications built using component-based frameworks like React are still developed, versioned, and deployed as a single project, and all of their code is internal to each application. As applications and developers scale, development becomes slower and the user experience becomes inconsistent,” he added.
Bit changes that by distributing application development to independent components. With Bit, developers can build independent components and compose them into features and applications, helping them to scale development while maintaining a fast pace of delivery and a consistent user experience.
“This latest funding from Insight Partners will help Bit galvanize and enable developers and organizations to distribute and scale development to meet modern business demands,” Mizrahi added.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.