Timescale, makers of the open source TimescaleDB time series database, announced a $40 million Series B financing round today. The investment comes just over two years after it got a $15 million Series A.
Redpoint Ventures led today’s round with help from existing investors Benchmark, New Enterprise Associates, Icon Ventures and Two Sigma Ventures. The company reports it has now raised approximately $70 million.
TimescaleDB lets users measure data across a time dimension, so anything that would change over time. “What we found is we need a purpose-built database for it to handle scalability, reliability and performance, and we like to think of ourselves as the category-defining relational database for time series,” CEO and co-founder Ajay Kulkarni explained.
He says that the choice to build their database on top of Postgres when it launched 4 years ago was a key decision. “There are a few different databases that are designed for time series, but we’re the only one where developers get the purpose-built time series database plus a complete Postgres database all in one…,” he said.
While the company has an open source version, last year it decided rather than selling an enterprise version (as it had been), it was going to include all of that functionality in the free version of the product and place a bet entirely on the cloud for revenue.
“We decided that we’re going to make a bold bet on the cloud. We think cloud is where the future of database adoption is, and so in the last year, […] we made all of our enterprise features free. If you want to test it yourself, you get the whole thing, but if you want a managed service, then we’re available to run it for you,” he said.
The community approach is working to attract users, with over 2 million monthly active databases, some of which the company is betting will convert to the cloud service over time. Timescale is based in New York City, but it’s a truly remote organization with 60 employees spread across 20 countries and every continent except Antarctica.
He says that as a global company, it creates new dimensions of diversity and different ways of thinking about it. “I think one thing that is actually kind of an interesting challenge for us is what does D&I mean in a totally global org. A lot of people focus on diversity and inclusion within the U.S., but we think we’re doing better than most tech companies in terms of racial diversity, gender diversity,” he said.
And being remote first isn’t going to change even when we get past the pandemic. “I think it may not work for every business, but I think like being remote first has been a real good thing for us,” he said.