Incredibuild, a company that accelerates software development processes, announced today (Monday) that it has raised $ 35 million. The fundraising was led by the Hiro Capital fund, which specializes in investments in the gaming and meteors fields, and was attended by Insight Partners, the company’s largest investor.
IncrediBild is a relatively old company that was established in 2002 and operated profitably for many years without any external investment. In 2018, the Israeli Fortissimo Fund purchased over 90% of IncrediBild’s shares from its founders, Uri Shaham and Uri Mish’ol, in the amount of approximately $ 30 million. Following the acquisition, Fortissimo appointed Tami Mazal-Shahar, former senior executive and co-president of NSO, as Incredibild’s CEO.
Dividing the task into parts
In August last year, American Insight Partners invested $ 140 million in IncrediBild, with most of the money intended for the acquisition of Fortissimo holdings, a small portion of which flowed to the company itself. In that deal, IncrediBild’s value was about $ 200 million, and now, in the current deal, it has doubled to about $ 400 million.
The technology developed by IncrediBild helps companies accelerate various stages in the software development process, such as code compilation (translation of code from high-end programming languages into machine language), versioning and automated software testing, by parallel utilization of computing resources on their servers or cloud. IncrediBild works with over 1,500 development organizations from the gaming world (such as Bus Games), software (such as Microsoft and Adobe) and the financial services sector (Citibank).
“Suppose you work on a computer with a 16-core Intel or AMD processor and to run a particular task you will need eight hours. What we do at IncrediBild is take that task, break it down into parts and then find unused computing power in the corporate network to run those parts in parallel. The result is that you are like a computer user with 500 cores and the whole process takes 20 minutes, “explains Mazal-Shahar.
“In the cloud our impact is even greater because it’s hard to get big 64-core machines in the cloud and every minute in the cloud costs a lot of money, so we take a task and divide it into thousands of small tasks, which both speeds up the process and helps companies pay 40% -50% less. “There’s a tendency to think that in the cloud computing power is unlimited but even there you only work on one machine, unless you break the task down into parts like we do.”
50% revenue growth
According to Mazal-Shahar, IncrediBild’s competitors include relatively small start-ups such as FastBuild, which is developing an open source version to speed up the compilation process, and EngFlow, which raised $ 3.7 million in a lime round last year led by the Andreessen Horowitz Foundation. “These are little players who sting us at certain points,” she says.
According to Mazal-Shahar, the company’s annual revenue rate is tens of millions of dollars (in ARR terms), growing by 50% each year. The company employs about 200 people, most of them in Israel, with offices in China, Japan, the United States and the United Kingdom.