Chicago-Based Data Startup TempoDB Raises $3.2 Million
TempoDB is a technology company that stores large amounts of time-specific data that is captured by sensors. TempoDB has raised $3.2 million in funding from a few local investors. Hyde Park Venture Partners led the $3.2 million round. Chicago Ventures, Divergent Ventures and TempoDB’s previous angel investors also participated in this round. TempoDB has raised a total of $4.2 million. The company will be using the funding to hire more software engineers and sales.
TempoDB used to be based in an office called Catapult, which a shared startup space in the River North region of Chicago, Illinois. They have moved to a larger office now that they have six full-time employees and plans on hiring another 4 employees. They will also hire another eight employees in 2014. Founded in December 2011, TempoDB stores billions of data points from sensors like thermostats.
“We started TempoDB to solve the deep technical challenges we faced as developers trying to make sense of data from sensors and connected devices,” stated TempoDB CEO and co-founder Andrew Cronk as quoted by the Chicago Tribune. “The demand is huge. Companies in nearly every industry are looking to transform their business with sensor data.”
TempoDB participated in TechStars Cloud, a startup accelerator program based in San Antonio that focuses on cloud companies. From there, the team was planning to move to San Francisco, but they decided to work out of Chicago. The TempoDB co-founders Michael Yagley, Justin DeLay, and Andrew Cronk used to live in Chicago before and they moved there from Michigan.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry