TEL AVIV, Israel, Nov. 16, 2021 /PRNewswire/ -- Bit, the global company behind the open-source tools and cloud platform for components, today announced that it has raised $25 million in Series B funding led by New York-based global venture capital and private equity firm Insight Partners. Insight joins existing investors Disruptive VC and entrepreneurs from companies such as Wix and Snyk, adding further momentum to the company's exponential growth. To date, Bit has raised $36 million in funding.
The latest investment from Insight will help Bit further expand its offering and empower developers and organizations alike to build component-driven software. Earlier this year, Bit released a new beta product version which was quickly adopted by hundreds of organizations including Dell, AT&T and Moody's, to help them transition from monoliths to component-driven software, driving development consistency, speed and scale.
"Accelerating digital innovation is critical for modern businesses to drive success and make an impact," says 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. "
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," adds Mizrahi.
Bit's impact on modern application development was not overlooked by Teddie Wardi, Managing Director at Insight Partners. "Bit's innovative solution for digital collaboration and development at scale has positioned the company as a category leader," said Wardi. "The platform's compounding value for organizations and proven ability to help developers do better work, faster, make it a clear market fit in our modern world. Insight is looking forward to this exciting next phase in Bit's ScaleUp journey."
Components in Bit can be anything from UI elements to entire features, pages and even backend services. Each set of components can be developed, released, and owned by an autonomous team, distributing the development of web applications in a similar sense to how microservices helped distribute and scale backend development. While Bit empowers product teams to be more autonomous and deliver independently, features like component templates and reusable development environments help companies standardize how their components are built and shared, creating a scalable and repeatable process for contributing features.
Organizations from dozens of industries are already using Bit to build better products faster, even as they scale in developers and applications. One of Bit's Fortune-10 customers sees the platform as a key for the future of building composable applications in their organization: "Our transition to composable applications and component-driven architecture is driving significant value for us. We are able to deliver digital products and services on a global scale, enabling autonomous teams to build and deliver features independently, while the organization can orchestrate these components to compose applications and develop faster and more consistently at scale. This would not be possible today without the Bit platform."
When COVID-19 hit in 2020, Bit gave up its physical office in favor of a virtual office on Discord. This transformed the company into a fully remote and global organization almost overnight. Soon after, leading contributors from the open-source community began to join the company which now operates in four continents. "Discord, and going remote, has allowed us to build our team like we want to build software – in a distributed way," adds Mizrahi. "Every team in the company builds and owns components, even marketing and HR. We experience the joy and pains of our customers and use our tools to build exactly like we allow others to build."
The company is now working to release its next component-driven tool, Ripple CI. The first CI/CD tool built for components, Ripple CI continuously integrates changes to components across all applications and teams in the entire organization. It even provides visual previews, so that all product stakeholders can become active contributors to the process and manage the organization-wide effect of changes. Ripple CI will go into private beta before the year's end and will be generally available in 2022.
Founded in Tel Aviv by Ran Mizrahi, Yonatan Sason and Jonathan Saring, Bit is a global company operating remotely in 4 continents. Bit's mission is to distribute software development from monolithic apps to components, while helping developers and organizations develop fast and consistently at scale. Bit's open-source tools and SaaS platform help over 200k developers and dozens of Fortune-500 companies scale and improve web application development by tapping into the power of components. Visit Bit's platform on bit.dev or follow Bit on Twitter at @bitdev_.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.