TimescaleDB Secures $40 Million in Series B Funding

Timescale, the company behind the open-source TimescaleDB time series database, has announced the successful completion of a $40 million Series B financing round.

Investment Details

This investment arrives a little over two years following their $15 million Series A funding. Redpoint Ventures spearheaded the current round, with participation from existing investors including Benchmark, New Enterprise Associates, Icon Ventures, and Two Sigma Ventures.

To date, the company has raised approximately $70 million in total funding.

The Power of Time Series Data

TimescaleDB is designed to enable users to analyze data as it evolves over time. Essentially, it’s built for any data that changes with time.

“We recognized the need for a database specifically engineered to handle the scalability, reliability, and performance demands of time series data,” explained Ajay Kulkarni, CEO and co-founder. “We position ourselves as the leading relational database specifically for time series applications.”

Built on Postgres

A pivotal decision was made when the database was initially launched four years ago: to build it upon Postgres.

“While several databases cater to time series data, we uniquely offer developers a purpose-built time series database combined with the full functionality of a Postgres database in a single solution,” Kulkarni stated.

Cloud-First Strategy

Last year, the company shifted its strategy. Instead of offering a separate enterprise version, they integrated all enterprise features into the free version of the product.

This move represents a full commitment to a cloud-based revenue model. “We are making a significant investment in the cloud, believing it represents the future of database adoption,” Kulkarni said. “All our enterprise features are now freely available for testing, with a managed service option available for those who prefer us to handle operations.”

Growing User Base

This community-focused approach is proving effective, attracting a growing user base. Currently, there are over 2 million monthly active databases.

The company anticipates that a portion of these users will eventually transition to their cloud service offerings.

A Global, Remote Team

Timescale is headquartered in New York City, but operates as a fully remote organization.

Their 60 employees are distributed across 20 countries, spanning every continent except Antarctica.

Diversity and Inclusion on a Global Scale

Operating globally fosters diversity and encourages varied perspectives. “A unique challenge for us is defining what diversity and inclusion mean within a completely global organization,” Kulkarni noted.

“While much focus is placed on D&I within the U.S., we believe we are exceeding many tech companies in terms of both racial and gender diversity.”

Remote-First is Here to Stay

The remote-first model is not expected to change, even after the pandemic subsides. “While it may not suit every business, being remote-first has been exceptionally beneficial for us,” Kulkarni concluded.