Bit, an Israeli startup that provides open-source tools and cloud platform for components, raised $25 million in a Series B round of funding led by New York-based global venture capital and private equity firm Insight Partners. With this round of funding the total investment in Bit hits $36 million to date.
Founded in Tel Aviv by Ran Mizrahi, Yonatan Sason and Jonathan Saring, Bit is a global company operating remotely in 4 continents. Bit’s declares its mission to be 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 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. Bit boasts that it empowers product teams to be more autonomous and deliver independently, with 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.
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“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. “