Chicago's Database Technology Company, TempoDB, Secures $3.2 Million Series A Investment for DBaaS
CHICAGO, Oct. 9, 2013 /PRNewswire/ -- TempoDB (http://tempo-db.com), the time series database service for sensors and measurement data, 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.
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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.
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.
About TempoDB
TempoDB is the fast, scalable time series database service, purpose-built to store and analyze massive streams of measurement data from billions of sensors and connected devices. It is the only infrastructure-as-a-service time series database, and is being leveraged by enterprise and small business alike. Founded by Andrew Cronk, Justin DeLay and Mike Yagley in Chicago, TempoDB's mission is to make sense of the measured world. TempoDB was named a 2013 Smart Grid News Company to Watch, and earned Techie.com's Editor's Choice award for emerging technology. TempoDB is a Techstars Cloud graduate.
About Hyde Park Venture Partners
Hyde Park Venture Partners (HPVP) is an early stage venture capital fund investing in seed and Series A software companies in the Midwest. HPVP invests in technology-enabled business, consumer service and healthcare IT startups with incredible founding teams raising their first or second round of institutional capital.
About Chicago Ventures
Chicago Ventures invests in well-managed seed-stage technology companies in Chicago and the Greater Midwest that have demonstrated a value proposition in a given market for their product or services. The fund looks to make initial investments ranging from $250,000 to $1 million in each company.
About Divergent Ventures
Divergent Ventures is an early stage venture capital investment firm headquartered in Seattle Washington and investing nationwide. The Managing Directors are Kevin Ober, Rob Shurtleff, and Todd Warren are highly experienced and successful early-stage investors. The firm invests in early-stage companies, with an emphasis on big data, storage, virtualization/cloud and next generation applications.
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