Bit raises $25 million Series B for component-driven cloud platform

Israeli startup Bit, which is developing open-source tools and a cloud platform for components, announced on Tuesday 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. To date, Bit has raised $36 million in funding.

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. 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.

“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.”

Bit, founded in Tel Aviv by Ran Mizrahi, Yonatan Sason and Jonathan Saring, operates remotely in four continents, moving to a virtual office on Discord at the start of the Covid-19 pandemic. “Discord, and going remote, has allowed us to build our team like we want to build software – in a distributed way,” added 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.”