Bitwise acquires $27 million in funding, expanding to Bakersfield

FRESNO, Calif. (KFSN) -- Local technology company Bitwise Industries is expanding.

"I'm really proud and honored to announce that Bitwise Industries has secured $27 million capital investment into its companies," said Irma Olguin Jr., Bitwise Industries, CEO & Co-founder

Bitwise Industries in Downtown Fresno has reached a major milestone for its growing technology hub. Major money that will help it grow.

CEO and Co-founder Irma Olguin Jr. said after years of hard work, the company is breaking barriers.

"So far as we know, this $27 million Series A is among the largest ever raised by a LatinX female founder of a technology company," Olguin said.

The financing is led by Kapor Capital and the New Voices Fund.

That wasn't the only big news for Bitwise. Speaking by video, CEO Jake Soberal spoke from Bakersfield.

"We plan to buy a building in Downtown Bakersfield and to create that vibrant culture and community that is diverse and inclusive that has become the hallmark in so many ways of what we do," said Jake Soberal, CEO & Co-founder.

Their plans are to educate others, locate some technology companies there and house startups in a future building.

RELATED: Bitwise Industries: Vision to create four block tech campus is coming to life

Plans are to be in operation by the early part of next year.

Leaders say what they're doing is working.

Since starting in 2013, leaders say they've educated students, helped people find employment.

They've grown to 250,000 square feet of technology commercial real estate in Downtown Fresno with 200 technology companies operating out of Fresno.

The State Center Warehouse is expected to open in late 2020.

RELATED: Bitwise Industries adding a new campus in Downtown Fresno

Olguin says there are more projects planned in Downtown Fresno.

Bitwise leaders say they want to take those successes in Downtown Fresno down to Bakersfield. If all goes well, they hope to continue that growth to other cities around the country.

See more stories and videos about Bitwise here.
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