Temporal Investors Expand Funding with $75M Round Temporal helps hundreds of customers rethink and reimagine the way they develop and deploy distributed systems in the cloud
Seattle, WA
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February 28, 2023 09:00 AM Pacific Standard Time
Temporal, the leader in durable execution systems, today announced it raised $75 million in Series B-Prime funding to accelerate investment in the company’s open source community and cloud service. The Temporal Series B-Prime investment comes one year after its initial Series B round; customers and revenues for Temporal Cloud have grown 20X during that time period. 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. Total funding to date is now over $200 million.
Investor enthusiasm in Temporal continued as momentum for durable execution accelerated in 2022, with more than 50,000 new developers joining the user community. Temporal also launched its inaugural Replay conference, hosting a sold-out crowd of backend developers and architects in Seattle. Innovators such as Netflix, Descript, Yum! Brands, Instacart, Datadog, Comcast, Snap, Hashicorp, and ANZ Bank began or expanded their use of Temporal; many of these companies use the Temporal Cloud service. By adding over 350 new customers with more than 100 services or applications already in production, Temporal 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.
"At Netflix, we view Temporal as a fundamental shift in the way applications can be developed, and it is rare to see a new programming model like this come along,” said Rob Zeinert, Senior Software Engineer at Netflix. “Temporal has solved a huge challenge for developers with a platform that orchestrates and manages software failures that otherwise would bring down distributed applications."
"Temporal is one of our most ambitious investments. It has the potential to impact several industries, and fundamentally change the way organizations develop applications," said Lenny Pruss, General Partner at Amplify. "The momentum that is building around the technology is unlike anything we've seen in recent history. We hear it not just from our portfolio companies, but from leading engineering organizations all over the world as they re-platform many of their most mission-critical applications on Temporal."
Companies of all sizes have become software companies, and their ability to innovate and iterate their apps and services quickly has become a critical challenge. Many try to accelerate development with focused teams, modular software architectures, and elastic infrastructure; however none of these solutions significantly impact velocity. Engineers and developers are still required to focus on plumbing, rather than business logic, as the nature of these distributed systems requires them to write nonstop code to address cross-service coordination and unreliable processes.
Durable execution systems like Temporal enable engineering organizations to take full advantage of distributed systems, while allowing developers to build and deploy reliable, consistent applications for their users. 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.
"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, 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."
Organizations of all sizes have embraced the Temporal programming model as it allows them to deliver new capabilities faster, while ensuring they deliver reliable, predictable experiences to their customers and users.
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 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.
Pricing options are available at https://temporal.io/
About Temporal:
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. 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. Learn more at https://temporal.io/.
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