Timescale Raises $40M Series B as Cloud Adoption of Its Database Accelerates

May 5, 2021 9:03 AM EDT

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With $70M+ in funding and 2M+ active databases, Timescale continues to dominate the time-series data category and enable developers to store, analyze, and measure everything that matters. Time-series data is ubiquitous, capturing it is essential for the modern digital business.

NEW YORK--(BUSINESS WIRE)-- Today, Timescale, the creators of TimescaleDB - the category-defining relational database for time-series - announced a $40 million Series B investment, led by Redpoint Ventures with participation from all existing investors: Benchmark, New Enterprise Associates, Icon Ventures, and Two Sigma Ventures.

Satish Dharmaraj, Redpoint Managing Director, joins Timescale’s board – and, combined with earlier rounds (2018, 2019), Timescale has now raised over $70 million.

With the new infusion of capital, Timescale will continue to enable developers in all industries to measure everything that matters by investing in its suite of products, including its cloud-native relational database for time-series, new features to easily manage petabyte-scale deployments, and an observability platform for developers trying to keep track of a cloud-first world. This starts with an ambitious effort to execute 10+ launches throughout the month of May.

“We’ve come a long way at Timescale, but our work is just beginning. Our goal is to build the world’s next great database company. That means rapid innovation on new features, continued focus on the fundamentals of reliability, performance, and security, and unswerving dedication to the world’s developers. We believe in the power of software developers to change the world – and Timescale delivers the foundational infrastructure to measure everything that matters in your business. From observability and large-scale web infrastructure to industrial IoT and financial services, Timescale helps you understand what is happening right now, how that is changing, and why that is changing.” – Ajay Kulkarni, founder and CEO, Timescale

Developers rely on Timescale to measure everything that matters in their world: software applications, industrial equipment, financial markets, blockchain activity, consumer behavior, machine learning models, climate change, and more. Analyzing this data across the time dimension (so-called "time-series data") enables organizations to understand what is happening right now and how that is changing.

Since launching 4 years ago, the company has seen massive growth. Timescale users are pushing the envelope across every industry, and the vibrant Timescale community now runs over 2 million active databases every month.

This growth has accelerated over the past year due to a combination of deliberate strategic decisions and larger macro tailwinds impacting the industry as a whole. To speed adoption, Timescale made its petabyte-scale TimescaleDB databases free for everyone (and made it easier for developers to modify and use TimescaleDB), leading the industry in commercializing open-source software. On a global level, time-series data is now ubiquitous – and the rapid growth of digital transformation initiatives in organizations across all industries and sizes makes Timescale an essential component of every cloud-based tech stack.

Today, Timescale is available via free software, or as a managed service on AWS, Azure, and GCP.

TimescaleDB is “Postgres for time-series”, which means that it is a fully functional Postgres database that is also purpose-built for time-series data. Early in its history, Timescale made the decision to build on top of Postgres, one of the most popular and loved databases in the world. As a result, developers see multiple benefits: they can use full SQL, the universal language for data analysis; get the full spectrum of management and administration tools already available for Postgres; and integrate with any SQL-compatible visualization tools or custom software.

In addition to the reliability, ease-of-use, SQL interface, and built-in extensibility of PostgreSQL, TimescaleDB gives developers orders of magnitude better performance - at a fraction of the cost - and a better developer experience. This includes:

  • Massive scale, storing 100s of billions of rows of data and inserting millions of values per second on a single server – or achieving petabyte-scale and 10+ million inserts a second across multiple servers.
  • 95%+ native compression via best-in-class compression algorithms.
  • 10-100x faster queries than PostgreSQL, Amazon Timestream, InfluxDB, Cassandra, and MongoDB.
  • Flexible deployment options, from a completely free self-managed offering to a fully-managed service on AWS, Azure, and GCP.

In constant pursuit of its mission to serve developers, Timescale has increased its cadence of releasing new products and features, and will only increase this velocity going forward. Recent launches include:

  • Multi-node TimescaleDB - for petabyte-scale, higher insert rates, and faster queries (Feb 2021)
  • tobs - command-line tool to deploy a full observability suite for Kubernetes in two minutes (Feb 2021)
  • New analytical functions that extend SQL to perform time-series analytics, including monotonic counters, tools for graphing, statistical sketching, and pipelining (Jan 2021)
  • Promscale, an analytical platform and long-term store for Prometheus, with the combined power of SQL and PromQL (Oct 2020)
  • A more liberal software license, that made all of our enterprise features free, and added the right-to-repair and the right-to-improve (Sep 2020)
  • Multi-cloud, fully-managed service available on AWS, Azure, and GCP across 75+ regions (Aug 2020)

Timescale is on a mission to help developers measure everything that matters, and, 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.

Customer Quotes:

  • “We develop immersive, interactive AI-powered games – and with over 1.5M active gamers on AI Dungeon each month, we generate billions of rows of event data. Three major factors made TimescaleDB our “winning” database: ease-of-use, flexibility, and performance, even at extremely high volumes. TimescaleDB gives us the fast, real-time analytics, submillisecond query results, and scale we need, now and as our user base continues to grow.”
    - Alan Walton, CTO, Latitude
  • “We ingest data from thousands of sensors into TimescaleDB, then surface it to our customers through dashboards, charts, and automated alerts. Other time-series databases would force us to either bundle metrics into JSON blobs (making it hard to work with in-database) or to store every metric separately (forcing heavy, slow joins for most queries of interest). TimescaleDB was an easy choice because it lets us double-down on Postgres, which we already loved using for metadata about our packet streams.”
    - Clayton Yochum, Senior Staff Engineer, Cloud Platform, Everactive
  • “Timescale Cloud is a great place to start working with time-series data, and I strongly recommend it to developers. With Timescale Cloud, you can adjust the system to meet your needs in terms of scale and flexibility…the possibilities are endless! It is truly a cutting-edge technology that has expedited our mission of commanding the space of environmental data.”
    - Kshitij Purwar, CTO, Blue Sky Analytics
  • 'We empower water utilities around the world to understand and optimize the performance of their networks, and we constantly gather an immense amount of data that goes back years, with an estimated 3TB+ in the next year alone. We love TimescaleDB for 2 main reasons: the PostgreSQL element makes it user-friendly and seamless to operate, and it helps us optimize costs as we amass an ever-growing amount of metrics from organizations around the world."
    - Nikolay Tsvetinov, Backend Platform & DevOps Lead, Inflowmatix Limited

ABOUT TIMESCALE:

At Timescale, we are dedicated to serving developers 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 this 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 develops TimescaleDB, the category-defining open-source relational database for time-series data, and offers fully-managed TimescaleDB and related database services. Timescale is a remote-first company with a global workforce and is backed by 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.

Lacey Butler
Director of Marketing & Growth
press@timescale.com

Source: Timescale



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