InfluxData Closes Series E Round and Raises $81 Million in Capital, Strengthens Position as Leading Time Series Provider
By Company / Feb 08, 2023 / InfluxData, Press Releases, Newsroom
Financing round led by Princeville Capital and Citi Ventures, following significant market demand for InfluxDB
SAN FRANCISCO – February 8, 2023 – InfluxData, creator of the leading time series platform InfluxDB, today announced it has raised $81 million in capital funding, closing a $51 million Series E funding round led by new investors Princeville Capital and Citi Ventures, with participation from existing investors Battery Ventures, Mayfield Fund, Sapphire Ventures, and others, and a $30 million debt facility with Silicon Valley Bank. The Series E financing brings InfluxData’s total equity funding raised to $171 million.
Time is a critical context for understanding data. Time series data preserves that context in a usable format to anticipate and determine trends over time. As the world becomes more instrumented, applications, sensors, and systems emit a relentless stream of time series data that, when collected and analyzed, delivers valuable real-time insights. The time series market matured significantly in the last two years, as developers from startups to Fortune 500 enterprises migrated to purpose-built databases to analyze their time-based data across complex systems. InfluxDB is the leading time series database with more than 1,900 commercial customers including Tesla, Nest, Hulu, PTC, Siemens, Cisco, and IBM, and a thriving open source community with 750,000 active open instances of InfluxDB running globally every day. InfluxData maintains strong customer and community adoption of InfluxDB Cloud, representing 50 percent of revenue and adding more than 6,000 new users each month.
“The tailwinds are behind time series and InfluxData, evidenced by the significant growth of our cloud business, which now represents nearly half of our revenue,” said Evan Kaplan, CEO, InfluxData. “As the pioneer of the modern time series market, we played a pivotal role in driving the recent acceleration in this sector, pushing time series from the edge to the cloud and now, into analytics. Our investors believe in our vision for time series to power the most sophisticated and large-scale analytics use cases our customers and community can imagine.”
“The use of time series data for operational analytics is an increasingly important strategic concern, and as such, the market is one of the hottest in IT right now. In this age of cloud and edge, everything is instrumented, driving explosive growth in data volumes and the need for more scalable analytics platforms,” said James Governor, Analyst and Co-founder, RedMonk. “That’s the market InfluxDB is addressing.”
The raised capital will help accelerate the development and ongoing rollout of the company’s new database engine built on the open source project, InfluxDB IOx. The new engine reimagines InfluxDB as a real-time columnar datastore built to ingest billions of data points in real-time and with unbounded cardinality, supporting the full range of time series workloads in a single database. These capabilities raise the bar for time series analytics by supporting real-time use cases that rely on metrics, events, traces, and other high-cardinality data. The investment allows InfluxData to bring these next-gen platform capabilities to its expanding global customer base, while continuing to develop open source features.
“InfluxData’s successful execution of cloud-native services is a testament to the size and maturity of the time series market,” said Vivian Huang, Principal, Princeville Capital and new InfluxData board member. “InfluxData has amassed a significant user base with more than 1,900 customers, indicators of its market leadership and strong product execution. I’m excited to partner with a category-defining company and to work with InfluxData’s board to build on its impressive work in bringing time series mainstream.”
“Time series is a high-growth market that has become foundational for real-time data analytics in financial services and almost every major industry,” said Vibhor Rastogi, Global Head of AI, Machine Learning & Data Investing, Citi Ventures. “InfluxData stands out as the time series leader, delivering real-time analytics at market-shaping scale with its new database engine. We are excited to bring InfluxData into our portfolio, and to support the company’s proven vision for time series analytics.”
“InfluxData’s significant and continued market traction is a testament to its focus on bridging the scale of time series data with the power of the cloud,” said Dharmesh Thakker, General Partner, Battery Ventures. “InfluxData’s impressive execution on InfluxDB IOx redefines time series analysis in the cloud, paving the way for a new era of real-time analytics. I applaud InfluxData’s strong management team for navigating the early time series market exceedingly well to anticipate the significant growth of this market and commitment to deliver solutions of true impact.”
Investors that participated in this funding round included Princeville Capital, Citi Ventures, Battery Ventures, Mayfield Fund, Trinity Ventures, Sapphire Ventures, Norwest Venture Partners, Sorenson Capital, and Harmony Partners.
For more information on InfluxDB, visit the InfluxData website.
InfluxData is the creator of InfluxDB, the leading time series platform. More than 1,900 customers use InfluxDB to collect, store, and analyze all time series data at any scale. Developers can query and analyze their time-stamped data in real-time to discover, interpret, and share new insights to gain a competitive edge. InfluxData is a remote-first company with a globally distributed workforce. For more information, visit www.influxdata.com.