Depot Secures $4.1M Seed Round to Exponentially Accelerate Developers

The raise comes on the heels of the company's explosive growth growing to 1M builds per month, 3k users, and 1.8k organizations.

PORTLAND, Ore., Aug. 22, 2024 /PRNewswire/ -- Depot, the fast-growing build acceleration platform, announced today $4.1M in Seed funding led by Felicis. Y Combinator, Aviso Ventures, Tokyo Black, and several angels also participated in the round. The company has seen explosive growth since over the past 12 months growing to over 1,000,000 builds per month helping over 3,000 users across 1,800+ organizations. The company is now accelerating software development for hundreds of companies including PostHog, Wistia, and Semgrep.

Customers accelerate their build processes leveraging the Depot build platform that supports native CPUs, instant cache sharing, and performance-tuned build runners. Saving customers on average 13,750 build hours per week. The investment will support the company's expansion of its offering into other build inputs that the Depot platform can further accelerate.

"Builds are the linchpin of software development. All software must be built to run and test code locally," said Kyle Galbraith, CEO and co-founder of Depot. "Likewise, developers need to build again in a continuous integration environment before testing and deploying to production. Depot accelerates builds in both environments to make the iteration cycle faster for developers everywhere."

Building software is still wildly inefficient and painfully slow today. Continuous integration providers and traditional build tools have long struggled to address a common pain point for developers: slow build performance. Legacy companies' focusing on the wrong abstractions has led to inefficient software development processes and increased developer frustration. This inefficiency not only slows down product development but also hampers the speed at which businesses can innovate.

Depot, however, has positioned itself as the solution, fundamentally changing how software is built by providing secure, fast, and intelligent build tools and services that save developers around 13,500 hours of build time per week.

"All software development relies on being able to efficiently build as quickly as possible across both locally and continuous integration environments," said Jake Storm, Partner at Felicis. "Depot is scaling the build acceleration platform that will revolutionize developer productivity in all environments."

This news comes on the heels of the company breaking 1,000,000 builds a month and launching its third product, Depot GitHub Actions Runners—a major step forward in Depot's mission to exponentially accelerate software builds for developers everywhere.

Learn more about Depot at depot.dev

About Depot
Depot helps organizations make their software development cycles up to 40x faster. Engineers use Depot to accelerate their container image and continuous integration builds to save days of build time per week. Fast-growing companies like PostHog, Wistia, and Semgrep use Depot to innovate faster. For more, visit depot.dev.

About Felicis
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. The firm was the first to offer a Founder Development pledge, providing needed resources to help founders scale themselves. Felicis focuses on early-stage investments and currently manages over $3B in capital across nine funds. The firm is an early backer of more than 49 companies valued at $1B+. More than 100 of its portfolio companies have been acquired or gone public, including Adyen, Credit Karma, Cruise, Fitbit, Guardant Health, Meraki, Ring, and Shopify. The firm is based in Menlo Park and San Francisco in California. Learn more at felicis.com.

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SOURCE Depot Technologies Inc.