diff --git a/cicd/bump-version.py b/cicd/bump-version.py
new file mode 100755
index 0000000..d96262e
--- /dev/null
+++ b/cicd/bump-version.py
@@ -0,0 +1,102 @@
+#!/usr/bin/env python3
+
+from __future__ import annotations
+
+import os
+import re
+import sys
+from pathlib import Path
+from typing import Optional
+
+
+def validate_version(version: str) -> bool:
+    """
+    Validate that the version string follows basic semver format (X.Y.Z).
+    """
+    pattern: str = r"^\d+\.\d+\.\d+$"
+    return bool(re.match(pattern, version))
+
+
+def update_pyproject_version(new_version: str) -> None:
+    """
+    Update version in pyproject.toml.
+    """
+    pyproject_path: Path = Path("pyproject.toml")
+    if not pyproject_path.exists():
+        raise FileNotFoundError("pyproject.toml not found")
+
+    content: str = pyproject_path.read_text()
+
+    # Use regex to replace the version line under [project]
+    pattern: str = r'^(version\s*=\s*")[^"]+(")'
+    match: Optional[re.Match[str]] = re.search(pattern, content, flags=re.MULTILINE)
+
+    if not match:
+        raise ValueError("Could not find version field in pyproject.toml")
+
+    new_content: str = re.sub(pattern, rf"\g<1>{new_version}\g<2>", content, flags=re.MULTILINE)
+    pyproject_path.write_text(new_content)
+    print(f"Updated pyproject.toml: version = \"{new_version}\"")
+
+
+def update_init_version(new_version: str) -> None:
+    """
+    Update version in memorylake/__init__.py.
+    """
+    init_path: Path = Path("memorylake/__init__.py")
+    if not init_path.exists():
+        raise FileNotFoundError("memorylake/__init__.py not found")
+
+    content: str = init_path.read_text()
+
+    # Use regex to replace the __version__ line
+    pattern: str = r'^(__version__\s*:\s*str\s*=\s*")[^"]+(")$'
+    match: Optional[re.Match[str]] = re.search(pattern, content, flags=re.MULTILINE)
+
+    if not match:
+        raise ValueError("Could not find __version__ field in memorylake/__init__.py")
+
+    new_content: str = re.sub(pattern, rf"\g<1>{new_version}\g<2>", content, flags=re.MULTILINE)
+    init_path.write_text(new_content)
+    print(f"Updated memorylake/__init__.py: __version__ = \"{new_version}\"")
+
+
+def main() -> int:
+    """
+    Bump version in pyproject.toml and memorylake/__init__.py.
+    """
+    if len(sys.argv) != 2:
+        print("Usage: bump-version.py <version>")
+        print("Example: bump-version.py 1.2.3")
+        return 1
+
+    new_version: str = sys.argv[1]
+
+    # Validate version format
+    if not validate_version(new_version):
+        print(f"ERROR: Invalid version format: {new_version!r}")
+        print("Version must follow semver format (e.g., 0.1.1, 1.0.0)")
+        return 1
+
+    # Change to repository root
+    repo_dir: Path = Path(__file__).parent.parent
+    os.chdir(repo_dir)
+
+    print(f"Bumping version to {new_version!r}...")
+    print()
+
+    # Update files
+    try:
+        update_pyproject_version(new_version)
+        update_init_version(new_version)
+    except Exception as e:
+        print(f"ERROR: {e}")
+        return 1
+
+    print()
+    print(f"Successfully bumped version to {new_version!r}")
+    return 0
+
+
+if __name__ == "__main__":
+    exit(main())
diff --git a/memorylake/__init__.py b/memorylake/__init__.py
index c66c5db..96bdbff 100644
--- a/memorylake/__init__.py
+++ b/memorylake/__init__.py
@@ -1 +1 @@
-__version__: str = "0.1.0"
+__version__: str = "0.1.1"
diff --git a/pyproject.toml b/pyproject.toml
index 47c989c..289d433 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "memorylake"
-version = "0.1.0"
+version = "0.1.1"
 description = "MemoryLake"
 authors = [
     {name = "Powerdrill Authors", email = "info@powerdrill.ai"}