Israel's Incredibuild raises $140 million in Insight-led funding round

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JERUSALEM (Reuters) - Israel's Incredibuild, which helps companies speed up their software development process, said on Wednesday it had raised $140 million in a private funding round led by U.S. venture capital and private equity firm Insight Partners.

The financing will help expand Incredibuild's U.S. operations to meet rapidly growing demand for its software development acceleration technology, the company said.

Founded in 2000, Incredibuild says its technology can cut time to market and reduce compute costs by up to 30%. The company posted a 55% increase in revenue over the past year as businesses sought to build and ship software upgrades more rapidly.

Incredibuld's more than 800 customers include Microsoft, Amazon, Citibank, Barclays, Adobe, Disney, Intel, Samsung, EPIC Games, and Nintendo. Customers use Incredibuild's technology to accelerate the development cycle, from code compilation to testing to release automation, the company said.

Israeli private equity fund Fortissimo Capital Fund bought Incredibuild in 2018.

(Reporting by Steven Scheer; Editing by Rami Ayyub)