Bit Raises $25M in Series B Funding

Bit is a fully distributed company working on Discord
Bit is a fully distributed company working on Discord

Bit, a Tel Aviv, Israel-based provider of open-source tools and cloud platform for components, raised $25 million in Series B funding.

The round, which brought total funding raised to date to $36M, was led by Insight Partners with participation from Disruptive VC, Wix and Snyk.

The company intends to use the funds to expand its offering to empower developers and organizations alike to build component-driven software.

Founded in Tel Aviv by Ran Mizrahi, Yonatan Sason and Jonathan Saring, Bit aims to distribute software development from monolithic apps to components, while allowing developers and organizations to develop fast and at 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. Components in Bit can be anything from UI elements to entire features, pages and 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.

The company provides open-source tools and a SaaS platform to help over 200k developers and dozens of Fortune-500 companies to scale and improve web application development by leveraging components. 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.