Friday, June 2, 2023

Open Source Time-series Database Operator Timescale Raises $40M 2022

40m Series 46msawersventurebeat: The company announced that it has $40M in funding to pursue its mission of making open source database management and analytics easy for developers, businesses and data scientists.

Timescale is a time-series database operator with a strong focus on making open source database management and analytics easy for developers, businesses and data scientists. Recently, the company announced it has raised $40M in funding from investors who will help them pursue their mission of making open source tools accessible to everyone.

The funding was led by Maven Ventures, along with existing investors Anthemis Group , Data Collective and Industrial Light & Magic (ILM). This new round brings the total Series A funding raised to $50M.

The startup was founded by Alex Cleeve, who is also the CEO of LA-based developer and analytics platform Async. In his previous roles at Datadog, New Relic and Stack Overflow, he built software that millions of developers use every day. He also co-authored the book “High Performance Python”.

The company was founded in 2016 and offers TimescaleDB, a time-series database that is fully ACID compliant and scales continuously and linearly. The company’s flagship product is an open source database management software system for time-series data that is optimized for fast ingest of data streams, automatic capture and maintenance of history, real-time querying for business insights and compliance with regulatory retention requirements.

More recently, the startup announced the beta release of TimescaleDB 2.0, which is optimized for large deployments on cloud platforms such as Amazon Web Services and Google Cloud Platform. The company also announced a new open source SQL-based query language called Temporal SQL that simplifies data analysis workflows in SQL, one that computes over billions of records and gigabytes of data without the need to create custom ETL pipelines.

Like other database systems, TimescaleDB allows developers to store structured, semi-structured and unstructured time series data in a single location for real-time analytics. It is important to note that the company has also added support for SQL, which is one of the most popular languages for developers, into their database system.

With this latest funding round and the release of TimescaleDB 2.0, the company is looking to do more work with larger companies, including working on a customer project with AWS.

By the end of 2019, Cleeve anticipates general availability and greater customer adoption.