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TempoDB, a startup that specializes in the type of time-series data that comes off sensors and other machines, announced it has received $3.2 million in Series A funding from Hyde Park Venture Partners, Chicago Ventures, Divergent Ventures and angel investors including Hyde Park Angels. Led by Hyde Park Venture Partners, this largely Chicago-based institutional investment will enable TempoDB to triple team size by hiring technical sales staff and software engineers to continue building the leading time series database service while increasing global reach.
Founded in late 2011, TempoDB stores billions of measurement data points from millions of Internet-connected sensors, serving customers in industries as diverse as energy, manufacturing, infrastructure, healthcare, and the emerging "Internet of Things." Built for software developers, TempoDB's database is infrastructure-as-a-service and makes time series data storage and analysis simple and powerful.
According to TempoDB CEO, Andrew Cronk, with this $3.2 million influx of capital the company will hire additional software engineers to further scale storage, analysis and monitoring capability. Additionally, TempoDB will hire a team of technical sales staff to increase global reach and service enterprise-level customers.
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Cronk says, "We started TempoDB to solve the deep technical challenges we faced as developers trying to make sense of data from sensors and connected devices. We've learned two things: 1. The demand is huge: companies in nearly every industry are looking to transform their business with sensor data. 2. The technical challenges we're tackling are pushing the boundaries of streaming analytics and distributed computing. It's a great time to be building our business in this market, and we're looking forward to growing our team here in Chicago."
TempoDB will add four team members this year, and eight additional in 2014 to service a growing customer base. Customers include Fluke, NinjaBlocks, WattVision, sMeasure and many others. TempoDB has raised a total of $4.2 million, including this new Series A raise of $3.2 million.
