# Bitwise Industries

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/bitwise-industries

- Industry: Education/Training
- Headquarters: Fresno, US
- Website: www.bitwiseindustries.com
- Total disclosed funding: $157M
- Latest round: Series B (Feb 28, 2023)
- Investors on record: 16

## About

Based in the US, Bitwise Industries operates a direct online gaming platform specializing in slot games, delivering user-friendly experiences and high-quality technology for seamless transactions.Bitwise Industries Inc. is a direct online gaming platform that primarily focuses on slot games. Founded in 2013, the company is headquartered in Fresno, US. Irma Olguin serves as both the CEO and Founder, who has a background in entrepreneurship prior to establishing Bitwise. The company has undergone four funding rounds, with the most recent being a Series B round on June 29, 2023, where it raised USD 80.00 mn from investors including Citi Ventures, Goldman Sachs Merchant Banking Division, Kapor Capital, and Motley Fool Ventures. The total amount raised by the company now stands at USD 80.00 mn with a current valuation of USD 403.42 mn.Bitwise Industries specializes in providing a direct online gaming platform focused on slot games. Their core product offerings include a variety of slot games that utilize advanced technology to facilitate seamless transactions through direct connections to banks and different digital wallets. The platform is designed to enhance user engagement with diverse themes and gameplay mechanics, allowing players a varied gaming experience. It features a user-friendly design for quick deposits and withdrawals, ensuring immediate fund access upon winning. The primary customer base encompasses online gamblers across multiple regions, prominently in Southeast Asia, Europe, and North America, catering to both casual players and high-stakes gamblers.Bitwise Industries generates revenue through direct-to-consumer transactions predominantly in the online gambling sector. Users engage by playing slot games, typically on a pay-per-play basis or via integrated bonus features that encourage continued play. Revenue is derived from the volume of bets placed on their gaming platform, with a structured profit model allowing immediate payouts to players upon winning, thus maintaining customer satisfaction. The pricing structure is transparent, featuring no hidden fees or additional transaction charges, ensuring clarity for users. Their flagship offerings include a range of branded slot games that attract a broad user base, strategically marketed to enhance appeal in competitive gambling markets.As of June 29, 2023, Bitwise Industries Inc. discontinued its operations, and thus there are no upcoming products being designed or launched, nor plans for expanding into new markets. The recent funding raised will not support any future initiatives as the company is no longer operational.

## Funding rounds

- Series B, Feb 28, 2023, $80M — Goldman Sachs Asset Management, Kapor Capital, Citi Ventures, Motley Fool Ventures
- Series B, Feb 24, 2021, $50M — Western Technology Investment, JP Morgan Asset Management, Kapor Capital, ImpactAssets, ProMedica Healthcare Retirement Plan, Plum Alley, Hunt Investment Group, Gaingels, Libra Foundation, GingerBread Capital, Motley Fool Ventures, Candide Group
- Series A, Jun 19, 2019, $27M — Federal Home Loan Bank of San Francisco, Kapor Capital, New Voices Fund

## Investors

- Federal Home Loan Bank of San Francisco — Series A
- Kapor Capital (https://capitalatlas.ai/funds/kapor-capital) — Series A, Series B
- New Voices Fund (https://capitalatlas.ai/funds/new-voices-fund) — Series A
- Western Technology Investment (https://capitalatlas.ai/funds/western-technology-investment) — Series B
- JP Morgan Asset Management (https://capitalatlas.ai/funds/jp-morgan-asset-management) — Series B
- ImpactAssets — Series B
- ProMedica Healthcare Retirement Plan — Series B
- Plum Alley (https://capitalatlas.ai/funds/plum-alley) — Series B
- Hunt Investment Group (https://capitalatlas.ai/funds/hunt-investment-group) — Series B
- Gaingels (https://capitalatlas.ai/funds/gaingels) — Series B
- Libra Foundation — Series B
- GingerBread Capital (https://capitalatlas.ai/funds/gingerbread-capital) — Series B
- Motley Fool Ventures (https://capitalatlas.ai/funds/motley-fool-ventures) — Series B
- Candide Group — Series B
- Goldman Sachs Asset Management (https://capitalatlas.ai/funds/goldman-sachs-asset-management) — Series B
- Citi Ventures (https://capitalatlas.ai/funds/citi-ventures) — Series B