Temporal, a Bellevue, WA-based open-source microservices orchestration platform, raised $75 million in Series B-Prime funding to accelerate investment in its open-source community and cloud service. The company maintained its coveted unicorn status with a valuation of “just over” $1.5 billion.
Greenoaks joins the existing list of Temporal investors, all of which participated in this round, including Amplify Partners, Index Ventures, Sequoia Capital, Madrona, and Addition Ventures.
"Temporal simplifies the development process by shifting complex, error-checking code, retry processes, and state management to a central platform, so developers don’t have to manage these complexities," said Maxim Fateev, co-founder and CEO, of Temporal. "My co-founder Samar and I have been building a durable execution framework for the better part of 15 years, and much of that work is foundational to Temporal. It is exciting to see other developers support, embrace, and even advocate our approach as these concepts are being validated by the broader market."
Temporal explicitly presents a new programming paradigm for developers. It delivers visibility and control into any end-to-end business process or customer workflow that drives a business, and presents an abstraction layer that ensures any process – such as a financial transaction, fulfillment of an order, customer interaction, or any operation workflow – will complete accurately and reliably.
With Temporal, developers code in their language of choice and call the Temporal Server to manage and monitor the successful execution of defined workflows. SDKs are available for Go, Python, PHP, TypeScript, and Java.
The software is available under an open-source MIT license and can be adopted freely by anyone, anywhere. Alternatively, developers can use Temporal Cloud, which delivers value as a service, greatly simplifies the deployment and management of the server, and allows developers to take advantage of direct Temporal expertise and support.
Company: Temporal Technologies Inc.
Raised: $75M
Round: Series B-Prime
Funding Month: February 2023
Lead Investors: Sequoia Capital, Index Ventures, Amplify Partners, Madrona Venture Group, and Addition Ventures
Additional Investors: Greenoaks
Company Website: https://temporal.io/
Software Category: Durable Execution System
About the Company: Temporal is a durable execution system that enables reliable and correct execution of software services and applications. It allows teams to manage an application's state at scale, monitor the execution of application logic in real time, and push updates and changes without downtime. Temporal is building a hosted cloud incarnation replete with service level agreements (SLAs) for enterprise clients. The company has significantly expanded availability for Temporal Cloud while extending into several hyper-scale production applications, reaching volumes as great as one million executions per second, by adding over 350 new customers with more than 100 services or applications already in production. Platform and application teams at companies like Netflix, Snap, Stripe, and Coinbase use Temporal to run application functions as workflows that inherit scalability, durability, and fault tolerance.
Source: https://newsdirect.com/news/temporal-investors-expand-funding-with-75m-round-987365002