Timescale Raises $40M in Funding as Cloud Adoption of Its Database Accelerates

Timescale, creator of TimescaleDB – a category-defining relational database for time-series, has raised a $40 million Series B investment, led by Redpoint Ventures with participation from all existing investors including Benchmark, New Enterprise Associates, Icon Ventures, and Two Sigma Ventures. Combined with earlier rounds in 2018 and 2019, Timescale has now raised over $70 million.

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.

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,” said Ajay Kulkarni, founder and CEO of Timescale. “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.”

Massive Growth

With Timescale’s TimescaleDB, developers can 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’ – would enable 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 a vibrant Timescale community would now run over 2 million active databases every month.

According to Timescale, 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. The company says that its time-series data is now ubiquitous on a global level, while the rapid growth of digital transformation initiatives in organizations across all industries and sizes make their TimescaleDB database an essential component of a cloud-based tech stack.

Photo Ajay Kulkarni, founder and CEO of Timescale
“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,” said Ajay Kulkarni, founder and CEO of Timescale.

“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,” said Alan Walton, CTO of Latitude. “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.”

“We ingest data from thousands of sensors into TimescaleDB, then surface it to our customers through dashboards, charts, and automated alerts,” said Clayton Yochum, Senior Staff Engineer, Cloud Platform, Everactive. “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.”

Developers

Early in its history, Timescale made the decision to build on top of Postgres, one of the most popular databases in the world. As a result, developers may 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.

TimescaleDB would give developers significant better performance – at a fraction of the cost – and a better developer experience. According to Timescale, other benefits would include:

  • 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
  • Performance – significant faster queries
  • Flexible deployment options – from a completely free self-managed offering to a fully managed service on AWS, Azure, and GCP

Timescale has increased its cadence of releasing new products and features, and intends to 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)
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