NYC-based global venture capital and private equity firm Insight Partners led a $17 million Series A funding round for Tel Aviv-based startup Velocity, which accelerates the way developers build and deliver products.
Venture capital firms Hetz Ventures and Greycroft participated in the round alongside leading angel investors and advisors, including Danny Grander (Co-Founder, Snyk), Nadir Izrael (Co-Founder & CTO, Armis), Yevgeny Dibrov (Co-Founder & CEO, Armis), Dan Fougere (ex-CRO, DataDog), Prashanth Chandrasekar (CEO, Stackoverflow), Elik Eizenberg (CTO & Co-Founder, BigPanda), Abhinav Asthana (CEO & Co-Founder, Postman), and Ben Bernstein (Co-Founder & ex-CEO, Twistlock).
This latest sum brings the total amount raised to $22 million. It will enable Velocity – which was founded in late 2020 and which only recently emerged from stealth mode into beta – to expand its team and allow developers to streamline and expedite product development with the ability to create on-demand, fully isolated production-like environments.
“More than 20 percent of a developer’s time is being wasted on creating and maintaining non-production environments, instead of working on delivering new features to customers,” says Velocity CEO and co-founder Tal Kain. “This comes with high maintenance costs and delays in deploying new features to production. Our goal at Velocity is to deliver a production-like environment in a click so that developers only have to put in minimal effort and upkeep on their side to operate in their regular workflow.”
Instead of being a new tool that must be learned, Velocity works with developers’ current toolbox and existing workspace, integrating with their integrated development environment (IDE) of choice to remove any friction to their daily workflow. With Velocity’s automatic synchronization, every change or new service added to production is synced in real-time to the developers’ isolated environments. As a result, DevOps teams also benefit from getting time back in their day that they would normally put toward maintaining both production and pre-production environments.
Founded in 1995, Insight Partners currently holds more than $30 billion in assets under management. Managing Director Lonne Jaffe said that the firm was “thrilled to welcome Velocity to our portfolio and look forward to joining the fantastic team on the company’s ScaleUp journey.”