The news: Temporal, a Seattle startup that helps companies write and run cloud applications, raised $75 million.
The details: The complexity of maintaining code becomes harder as more software development moves to the cloud, particularly with the use of microservices. Temporal’s open-source microservices orchestration platform replaces ad-hoc systems to give developers more time to code. The idea is to reduce time spent on scalability and reliability. Temporal makes money by selling a managed service to more than 350 customers such as Datadog, Descript, Netflix, Snap, and others.
The growth: The new round comes a year after Temporal raised $103 million and reached a $1.5 billion valuation. The company said it has grown revenues and customers by 20X since the last round. It employs more than 120 people and its current valuation is “just over” $1.5 billion.
The backstory: Co-founders Samar Abbas and Maxim Fateev previously worked together at Uber and helped build an internal open-source orchestration engine called Cadence. The reception to that idea sparked them to launch Temporal. Fateev previously worked at Amazon, Microsoft, and Google. Abbas also worked at Microsoft and Amazon.
The funding: The company described this round as “Series B-Prime.” Greenoaks is a new investor. Previous backers also participated: Amplify Partners, Index Ventures, Sequoia Capital, Madrona, and Addition Ventures. Total funding to date is north of $200 million.
