In the rapidly evolving digital landscape, where sensors are capturing a vast amount of data, it has become increasingly crucial for companies to efficiently collect and measure this high-volume information over time. InfluxData, a startup founded on top of an open source time series database platform, announced that it has secured $35 million in Series C funding led by Sapphire Ventures.
This latest investment brings the total raised to nearly $60 million and follows Battery Ventures, Mayfield Fund, and Trinity Ventures as well as new investor Harmony Partners. The funds will be used to further enhance InfluxData’s time series database platform and expand its enterprise customer base.
InfluxDB is a powerful tool that enables developers to rapidly capture, measure, and analyze data trends over time. CTO Paul Dix recognized the need for efficient time-series tools in 2014, and since then InfluxData’s open source toolkit has gained significant popularity on GitHub.
For enterprise clients seeking additional security, availability, and scalability, they must purchase the closed-source commercial version of InfluxDB. Despite being available only recently, this product already boasts a loyal customer base that includes major corporations such as IBM, SAP, Cisco, PayPal, Tesla, and Siemens.
Sapphire Ventures’ partner Anders Ranum believes there is an emerging market opportunity for time series tooling in the realm of machine learning, IoT, and AI. By investing in InfluxData, his firm aims to capitalize on this growing demand.
With today’s funding, InfluxData plans to double its employee count as it continues to develop and expand its product offerings. Sapphire Ventures’ Ranum will also be joining the company’s Board of Directors.
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