Silicon Valley Data Company InfluxData Secures $81M in Fresh Capital
InfluxData, a San Francisco-based company specializing in time series data analytics, announced it secured $81 million in funding on Wednesday. The raise consists of a closed $51 million Series E co-led by Princeville Capital and Citi Ventures as well a $30 million debt facility with Silicon Valley Bank. The Series E brings InfluxData’s equity funding to $171 million.
The company’s platform InfluxDB helps organizations identify trends based on time series data, or a sequence of data points indexed in order by their time stamps. Its tech lets customers quickly write data and make it available for query within milliseconds as well as ensure that data can be retained, according to InfluxData. More than 1,900 businesses like Tesla, Cisco and IBM use InfluxData to analyze real-time analytics, collect smart device metrics and monitor data in a centralized place.
“As the world becomes more instrumented, the number of devices, sensors and applications producing time series data is growing at an exponential rate,” Evan Kaplan, InfluxData’s CEO, told Built In via email. “To manage and, more importantly, effectively draw insights from these massive volumes of data, organizations need a purpose-built solution that enables them to easily collect, store and analyze time series data.”
Equipped with its new capital, InfluxData plans to accelerate the development and rollout of a new database engine called InfluxDB IOx, adding capabilities to InfluxDB such as bulk data ingest and export and integrations with tools like Tableau and Microsoft Power BI. InfluxData will also launch cloud tiers for its solution as well as a new enterprise product.
“I’m excited to see how the time series data market will continue to accelerate and evolve. As the category matures, we’ll see even more sophisticated and advanced capabilities entering the market,” Kaplan said.
While expanding its tech, InfluxData will also grow its internal team across R&D and sales and marketing. Currently 165 people strong, the company expects to increase its headcount by 10 percent by the end of 2023.