Embattled Fresno, Calif.-based technology company Bitwise Industries and several of its affiliated businesses have filed for bankruptcy in the wake of a financial collapse in late May, the Fresno Bee reported. Bitwise’s parent company, BW Industries Inc. filed the chapter 7 bankruptcy petition Wednesday with the U.S. District bankruptcy court in Delaware, where the company was incorporated. In addition to BW Industries Inc., the filing notes four other associated cases: Bitwise Industries Inc.; BWRD LLC.; AlphaWorks Technologies LLC, and Bruce’s Bagels, Beverages and Bites LLC. Bitwise was founded in 2013 as a hub for training students in software coding and website design, technology services for local companies, and providing leased space to budding technology entrepreneurs and other businesses. In recent years, the company’s co-founders and co-CEOs, Jake Soberal and Irma Olguin Jr., embarked on an ambitious program of expanding Bitwise’s geographic footprint — first within California to sites in Oakland, Merced and Bakersfield, and within the past two years to other states including Colorado, Illinois, New Mexico, New York, Ohio and Texas. However, Bitwise was upended by financial upheaval even in the wake of announcing an $80 million venture capital infusion earlier this year, and on May 29 abruptly announced to its 900 employees nationwide — including about 400 in the Fresno area — that they were being furloughed immediately.
