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Bitwise Industries’ valuation reaches $600 million
U.S. startup Bitwise Industries has raised $80 million in investments, bringing the valuation to $600 million. The company develops and supports technological ecosystems to support cities and institutions. It provides solutions in 3 areas: human resources, consulting services, and real estate. Bitwise Workforce trains people with technical skills. Only those who have never worked in IT can be educated. The startup invests in real estate and sells tech solutions to public and private organizations.
During the financing, the leading investor was Kapor Center, which had previously invested in the project. Besides it, Goldman Sachs and Citibank took part. It should be noted that compared to 2021, Bitwise’s valuation has increased three times. Then it was 200 million dollars.
Bitwise Industries’ history
The startup was founded in 2013. During this time, the number of its clients reached 500 organizations and individuals located in different states. Bitwise training centers operate in ten large and medium-sized cities across the country. Another one is due to open next year. The company’s specialists develop applications and sites of various complexity and create software for clients’ needs. Bitwise and the California state municipality are implementing an initiative where public institutions involve technical students in IT projects.
The history of Bitwise began with Irma Holguin, who was involved in educating low-income students. Her idea was to give promising young people the opportunity to gain technical skills. After some time, Irma met Jake Soberal, a lawyer who worked in intellectual property. The young people decided to join forces, which resulted in the creation of a course on the fundamentals of engineering. His students learned coding skills in popular programming languages. However, a problem arose in finding employment for young professionals during the course. Then Irma and Jake included a new division, Shift3 Technologies, in the structure of Bitwise, where they were engaged in software development and provision of technical services.
The startup became widely known in 2019 when it raised $27 million in investments. That funding was one of the largest for a Series A round among businesses founded by women. Irma shatters the sad statistic that female-owned startups could receive no more than 12 percent of venture capital investments.