New York-based global venture capital and private equity firm Insight Partners has led a USD 17 million Series A funding round in Tel Aviv-headquartered software startup Velocity. Venture capital firms Hetz Ventures and Greycroft also participated in the round alongside other individual investors.
The company provides a cloud-powered platform to accelerate the way developers build and deliver products. Founded in late 2020, Velocity recently came out of stealth mode into beta. The firm is already working with various customers including StreamElements and Granulate.
The latest fundraising brings Velocity’s total funding amount to USD 2 million. The fresh cash will enable Velocity to expand its team and allow developers to streamline product development to create on-demand, fully isolated production-like environments.
“More than 20% of a developer’s time is being wasted on creating and maintaining non-production environments, instead of working on delivering new features to customers,” said Velocity CEO and co-founder Tal Kain.
“This comes with high maintenance costs and delays in deploying new features. Our goal at Velocity is to deliver a production-like environment in a click so that developers only have to put in minimal effort to operate in their regular workflow.”
Velocity works with developers’ existing workspaces and toolboxes, integrating with their integrated development environment of choice. With Velocity’s automatic synchronization, every change or new service added to production is synced in real-time to the developers’ isolated environment. As a result, DevOps teams can save time and increase productivity, according to the firm.
Founded in 1995, Insight Partners holds more than USD 30 billion in assets under management. “We are thrilled to welcome Velocity to our portfolio and look forward to joining their fantastic team on the company’s scaleup journey,” said Insight Partners managing director Lonne Jaffe.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.