Fresno-based Bitwise expanding with purchase of Denver software developer, company says
Downtown Fresno-based firm Bitwise Industries Inc. announced Thursday it purchased a Denver software developer called Techtonic Inc.
The sale price was not immediately available, but the company said its purchase would expand high-quality apprenticeship opportunities for people from underserved communities.
The move is an important step for the company’s mission, according to Jake Soberal, CEO and co-founder of Bitwise.
“Registered and accredited apprenticeship programs like those offered by Bitwise and Techtonic provide earn-while-you-learn training, addressing major income equality issues across the country and the growing demand for skilled technology workers,” he said in the announcement.
Located in Denver, Techtonic has trained hundreds of software engineers and worked with companies like Vantage, Pivotal, Apostrophe and Misty Robotics.
After raising $50 million in Series B funding last year, Bitwise announced an aggressive expansion plan to grow in California and across the country, including a new campus in Toledo, Ohio.
The Series B financing is led by Kapor Capital, which also was involved in Bitwise’s initial Series A funding, as well as JP Morgan Chase, Motley Fool Ventures and ProMedica.
The company’s mission has also gotten investments from University Ventures, Camden Partners, ZOMA Capital and Yucatan Rock Ventures, to name a few.
Investors are excited about the latest development, according to Ben Walton, co-founder of ZOMA Capital.
“This acquisition furthers our commitment to supporting resilient communities through workforce development by increasing access to high-quality, affordable tech-career pathways,” he said in the announcement.
The Denver company has a history of training workers in technological skills, according to Nicole Craine, CEO of Techtonic.
“Together, Techtonic and Bitwise Industries will have a larger impact on underserved communities, especially here in Colorado,” she said in the announcement.
Bitwise Industries has doubled in size and revenue since the expansion plan was announced, according to the company, and has now trained more than 5,000 people from underserved communities. Of those trained, 80% have become employed in the technical field, according to the company.
This story was originally published January 27, 2022 at 4:54 PM.
