Bitwise Industries, which last year picked Buffalo for its latest project, announced today it raised $80 million.
That’s good news for Buffalo, Bitwise’s newest site. (With the funding announcement, the company also said it’s going to expand into Chicago.)
CJ Banks, vice president of Bitwise Industries in Buffalo, said the participants in the fundraising validates Bitwise’s model and shows the nation that places like Buffalo are the future of the tech industry.
The round was led by Kapor Center, an Oakland, California-based foundation, and Motley Fool, an Alexandria, Virginia-based financial and investing advice company, with the Growth Equity business within Goldman Sachs Asset Management and Citibank also contributing.
“It’s going to drive company growth,” said Banks.
Though Bitwise doesn’t allocate specific dollar amounts to its different sites, the funding will increase Bitwise Buffalo’s capacity to serve residents, companies and organizations, according to Banks.
The company’s three-pronged platform includes a workforce training program to introduce underserved populations to careers in technology, a software development firm where graduates of the program can work, and a campus for its trainings and other tech businesses.
The money also reinvigorates hopes to move up construction timelines for Bitwise’s temporary and permanent spaces in Buffalo.
Work is underway at the 32,000-square-foot building Bitwise picked at 368 Sycamore St., owned by Douglas Jemal, on Buffalo’s East Side. The company expects the facility to be ready by spring of next year.
In the meantime, Bitwise has selected a temporary space at 199 Scott St. and expects the spot to be ready by this summer. The business started last year holding a virtual pre-apprenticeship program with 61 students.
Local hiring is also on the horizon, dependent on the timelines of the temporary and permanent spaces and the business’ growth.
“The more work we do in the city, the more opportunities we have. The larger our staff will become,” said Banks.
