Since the beginning of the year, we’ve seen Insight Partners investing heavily in Israeli technology. From Armis’s massive round to OwnBackup’s Unicorn defining one, Insight Partners has opened 2021 on a mission to expand its footprint in Israel’s high-tech ecosystem. A footprint that has already proved successful with investments in Israeli Unicorns monday.com, SentinelOne, JFrog (went public last year), and more.
Strategic acquisition for U.S. expansion
More recently, the venture capital firm tapped Israel-based VC Fortissimo Capital Fund for a piece of established portfolio company Incredibuild, which has developed a platform that harnesses the power of compute to distribute processes across idle power in a network. According to reports, Insight will acquire stake in the company for $140 million, which will be converted into shares, as well as invested in Incredibuild’s U.S. expansion and innovation.
“We firmly believe that Incredibuild has built a crucial technology for any business that wants to develop better software, radically faster,” said Teddie Wardi, Managing Director at Insight Partners. “With our long history of investing in the development ecosystem, we are confident that Incredibuild will continue to innovate and build upon their recent momentum.”
“With the new funding, Incredibuild is poised to expand the market opportunity, enabling companies to maintain their competitive edge. With cloud adoption being paramount, we plan to further scale and evolve our software development acceleration platform for development teams and release managers in verticals such as finance, gaming, and the growing AR and VR markets,” said Tami Mazel Shachar, CEO of Incredibuild.
The investment will help expand Incredibuild’s US operations to meet the rapidly growing demand for its software development acceleration technology. The company’s out-of-the-box approach to harnessing idle compute power offers enterprises with an efficient way of ensuring faster software release. Incredibuild explains that its Virtualized Distributed Processing technology turns every host into a supercomputer with hundreds of cores. Over 800 customers, including Microsoft, Amazon, Citibank, Barclays, Adobe, Disney, Intel, Samsung, EPIC Games, and Nintendo, use Incredibuild to accelerate the development cycle, from code compilation to testing to release automation.
“Fortissimo acquired Incredibuild in 2018 with belief in the enormous potential of distributed processing,” said Yoav Hineman, Partner at Fortissimo Capital and board member of Incredibuild. “The investment by Insight Partners is a great milestone in delivering unparalleled acceleration for software developers. Fortissimo remains with a significant holding in the company and Insight’s investment will further expedite the company’s growth by expanding into additional areas of DevOps by leveraging distributed processing.”
Following the investment, Incredibuild expects to enhance its growth by hiring additional employees in Israel and in the U.S. for software development, product and sales. Incredibuild added 40 new members to its team in 2020 and expects to increase its headcount by 65% by the end of 2021.