Bitwise Industries, a US-based tech service startup, recently announced that it has raised $80 million in funding. The funding round was led by Kapor Center and Motley Fool.
This latest funding round brings Bitwise’s total funding to $600 million, a testament to the company’s growing influence in the tech industry. Bitwise was Co-founded in 2012 by Irma Olguin Jr. The company’s mission is to train and employ underrepresented individuals in the tech industry. Bitwise operates in California’s Central Valley, an area with a high unemployment rate and a large Latinx population.
In this article, we’ll explore Bitwise’s recent funding round, the company’s mission and values, and how Bitwise is working to bridge the tech industry’s diversity gap.
Bitwise Raises $80 Million in Funding
Bitwise’s latest funding round was led by Kapor Center and Motley Fool, two well-known venture capital firms. Kapor Center is a social impact-focused VC firm that invests in companies that aim to create positive social and economic change. Motley Fool is an investment advisory company that provides financial advice to individuals and companies.
Bitwise’s funding round also saw participation from other investors, including Goldman Sachs Asset Management, Citibank. The funding will be used to scale Bitwise’s operations, expand its workforce training programs, and support the development of its software products.
Bitwise Mission and Values
Bitwise was founded with a mission to create a more diverse and inclusive tech industry. The company’s founders, Jake Soberal and Irma Olguin Jr., saw firsthand the lack of opportunities for underrepresented individuals in the tech industry. They decided to take action by creating a company that would train and employ individuals from diverse backgrounds.
Bitwise’s core values are inclusivity, empathy, grit, and authenticity. The company’s culture is centered around creating a safe and supportive environment for its employees and students. Bitwise’s workforce training programs are designed to provide individuals with the technical skills and soft skills needed to succeed in the tech industry.
Bitwise Workforce Training Programs
Bitwise offers a range of workforce training programs, including its flagship program, Geekwise Academy. Geekwise Academy is a 16-week training program that teaches individuals the technical skills needed to succeed in the tech industry. The program covers topics such as web development, data science, and digital marketing.
Geekwise Academy has trained over 5,000 individuals, with a job placement rate of over 80%. Bitwise also offers other training programs, including Shift3 Academy, which focuses on software development, and Onward Academy, which provides training for individuals who have been formerly incarcerated.
Bitwise’s Impact on the Tech Industry
Bitwise’s focus on diversity and inclusion has had a significant impact on the tech industry. The company has trained and employed hundreds of individuals from underrepresented backgrounds, providing them with the opportunity to start a career in tech.
Bitwise has also helped to bridge the diversity gap in the tech industry. According to a report by the National Center for Women & Information Technology, women make up only 25% of the computing workforce. Similarly, a report by the Kapor Center found that Black and Latinx individuals make up only 15% of the tech workforce. Bitwise is working to change these statistics by training and employing individuals from diverse backgrounds.
Conclusion
Bitwise’s recent funding round is a testament to the company’s growing influence in the tech industry. The company’s focus on diversity and inclusion has resonated with investors, who see the value in creating a more diverse and inclusive tech industry.
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