Bitwise Industries Announces $80M To Train Tech Workers

Despite layoffs rocking the tech industry, some companies are still dutifully training the next generation of talent.

Bitwise Industries, announced on Tuesday it raised $80 million in fresh funding led by existing investors Kapor Center and Motley Fool. Goldman Sachs Asset Management and Citibank also participated in the round. 

The company is a network that helps users learn code and get real-world experience in using it through apprenticeship programs. With hubs in 10 cities, Bitwise recently expanded to Chicago’s South Side as part of its attempt to bring coding skills to historically underrepresented minorities. Bitwise said its hubs have skilled over 10,000 people, 80% of whom received employment after graduating from the program. 

“This latest raise … acknowledges the role technology plays in driving economic impact in previously underserved communities, validates our model and makes it possible for us to roll out our proven approach into other parts of the country,” said Jake Soberal, the co-CEO and co-founder of Bitwise.

Most workers from the program go on to work in industries — companies in agriculture or civic services that still require tech talent — rather than tech giants such as Microsoft and Amazon. 

Contrary to layoff headlines, the United States is facing a labor shortage in the tech space. According to a recent jobs report by career insights firm Dice, tech job postings between June 2021 and 2022 spiked by 60%. 

Some of the largest tech employers such as Disney and Deloitte aren’t considered traditional tech companies — but in the 21st century, what company isn’t using tech? Many are hiring roles related to cybersecurity, cloud operations and data analytics, per Dice.

“The real issue in the United States is that we’re not creating [tech workers] fast enough,” Art Zeile, CEO at Dice, told me last year.

Illustration: Dom Guzman

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