The funding, led by new investor Tiger Global, will fuel Timescale’s thriving business, with 20x revenue growth and 7x community growth in the past two years, and over 500 paying customers today
NEW YORK–(BUSINESS WIRE)–#databases–Today, 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 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. In the past two years, Timescale has seen 7x community growth and 20x revenue growth. The company today 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.
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 – data collected over time to track, understand, and predict trends – are a new wave and rapidly growing category of software applications. 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. Time-series – tracking change, not static data points – represents data at the highest fidelity.
Today businesses in every industry collect time-series data. This might be measuring the temperature and humidity of soil to help farmers combat climate change. Or tracking streaming metrics to identify popular music and artists. Or analyzing NFT activity in real-time. Or building new gaming experiences. Or observing every action that a user takes in a software application, and the performance of the infrastructure underlying that application, to help resolve support issues and increase customer happiness.
Tracking data at the time-series resolution creates performance and scaling challenges that traditional databases were not built to handle. Built on the industry standards of SQL and PostgreSQL, Timescale has created a new and best-in-class database for these workloads. This is because TimescaleDB, unlike general-purpose databases, is purpose-built for time-series; and also because TimescaleDB, unlike other time-series databases, is not just a time-series database but also a relational database, i.e., a PostgreSQL database, all-in-one.
“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,” said John Curtius, Partner at Tiger Global. “They’re a team that is committed to, and that we believe will, build the next great database company.”
“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,” said Peter Fenton, General Partner at Benchmark. “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.”
The data platform for developers
Timescale is dedicated to its mission to build a data platform for developers, enabling businesses to build exceptional data-driven applications on top of time-series data.
With today’s announcement, Timescale continues to execute on an ambitious product roadmap, relentlessly focus on developer experience, and deliver the solutions organizations need to make sense of their most powerful asset: data.
“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,” said Ajay Kulkarni, founder and CEO, Timescale. “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.”
Timescale is the creator of TimescaleDB, the industry-leading relational database for time-series. Tens of thousands of organizations trust TimescaleDB today with their mission-critical time-series applications. The company is dedicated to serving software developers and businesses worldwide, enabling them to build exceptional data-driven products that measure everything that matters: software applications, industrial equipment, financial markets, blockchain activity, consumer behavior, machine learning models, climate change, and more. Analyzing data across the time dimension (“time-series data”) enables developers to understand what is happening right now, how that is changing, and why that is changing. Timescale is a remote-first company with a global workforce and is backed by Tiger Global, Benchmark Capital, New Enterprise Associates, Redpoint Ventures, Icon Ventures, Two Sigma Ventures, and other leading investors. For more information, visit www.timescale.com or follow @TimescaleDB.
Senior Director of Growth + Marketing