- Timescale recently announced it raised $110 million in Series C funding. These are the details.
Timescale – the creators of TimescaleDB, the industry-leading relational database for time-series – announced a $110 million Series C investment led by Tiger Global with participation from all existing investors Benchmark, New Enterprise Associates, Redpoint Ventures, Icon Ventures, and Two Sigma Ventures.
This funding round (the company’s second in the last 12 months) brings Timescale’s total funding to $180 million at a valuation over $1 billion and signifies Timescale’s thriving business on top of the explosive rise of time-series data. Over the past 2 years, Timescale has seen 7x community growth and 20x revenue growth.
The company now serves over 500 paying customers and tens of thousands of other organizations using TimescaleDB in the community, including companies like Akamai, Cisco WebEx, Comcast, DigitalOcean, GE, IBM, Microsoft, Pfizer, Samsung, Schneider Electric, Uber, Walmart, and others. And this funding will fuel further growth: increased investments in product, engineering, R&D; broadened efforts in serving the Timescale community, customers, and developers worldwide; and growing the team.
Time-series data workloads – which is data collected over time to track, understand, and predict trends – are a new wave and rapidly growing category of software applications. And this wave is in part because of major trends like the rise of IoT / machine data, IT observability, and web3 / crypto applications. But it is also because of a larger trend as computing and storage become more powerful and cheaper, businesses are collecting data at higher fidelities than before to build radically better data-driven product experiences.
Tracking data at the time-series resolution creates performance and scaling challenges that most traditional databases were not built to handle. Built on the industry standards of SQL and PostgreSQL, Timescale created a new and best-in-class database for these workloads.
KEY QUOTES:
“Timescale’s laser focus on driving community and consumption around its time-series database is what stood out to us. As time-series data becomes even more pervasive, Timescale is playing a pivotal role in how companies work with data. They’re a team that is committed to, and that we believe will, build the next great database company.”
— John Curtius, Partner at Tiger Global
“We partnered with Timescale over 4 years ago because we saw that all data was fundamentally time-series data, and that Timescale was uniquely poised to alleviate the pain felt by developers. Since then we have seen the team make true on their promise and witnessed their unwavering devotion to serving developers globally. Sitting at the intersection of three transformative trends – time-series, PostgreSQL, and SQL – Timescale is building a foundational database company that is quickly becoming an indispensable part of the software application stack.”
— Peter Fenton, General Partner at Benchmark
“Time-series data is relentless and ubiquitous. Applications built on time-series data need a new kind of database, something built for scale and performance, but also something that offers reliability and versatility, built on the industry standards of PostgreSQL and SQL. This funding and Timescale’s rocketing growth is evidence that TimescaleDB is the answer. We’ve come a long way, but we’re just getting started.”
— Ajay Kulkarni, founder and CEO, Timescale
