Israeli startup Bit, which provides open-source tools and a cloud platform to help developers build component-based software development, announced on Tuesday that it has raised $25 million in a Series B funding round, 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 $36 million in funding to date.
The infusion of capital will help Bit further expand its offering and 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, which can then be used to build software. The company is global, operating remotely in 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 by tapping into the power of components.
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.
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, the announcement said. It was created 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,” added Mizrahi.