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November 24, 2022

Greptime angel round completed - Multi-million dollars raised to build industrial-leading time-series data infrastructure

Greptime just announced the completion of a multi-million dollar angel round of financing with Glory Ventures as the leading investor.

Recently, we announced the completion of a multi-million dollar angel round of financing with Glory Ventures as the leading investor and Unity Ventures as the co-investor. The fund raised will be spent on our research and development (R&D) and operational activities.

We are a Startup company founded in April 2022 to provide Cloud-Native, Fast, and Efficient time-series data infrastructure. In the era of Big Data, it has been particularly challenging for traditional databases to fulfill the cost and performance requirements of storing and analyzing real-time data. We were born to provide better solutions for storing, extracting, and analyzing massive amounts of time series data produced from industries including but not limited to IoT, Autonomous Driving, Smart Manufacturing, Financial Markets, Etc.

In recent years, emerging database companies have applied innovative product design and business models, significantly impacting existing database vendors. Typically, MongoDB expands its market share by open-sourcing its NoSQL database program while looking for opportunities to convert seed users into paid customers. Snowflake, a leading cloud computing-based DB provider, benefits greatly and gains popularity among customers from its elastic pay-as-you-go pricing model. Unlike most of our competitors, our business strategy takes advantage of both open-source and pay-as-you-go models from day 1 to grow and mature our two main offerings: GreptimeDB and GreptimeCloud.

Starting from scratch, our team built GreptimeDB, a cloud-native, distributed, high-performance TSDB written in Rust. By decoupling storage and computing, it lowers the total cost of ownership (TCO) while increasing agility and scalability. A vibrant and sustainable open-source community builds on the strength and reach of developers, maintainers, end users, and vendors, allowing GreptimeDB to utilize the advantage of inclusive development and accelerate innovation.

GreptimeCloud is a Database as a Service (DBaaS) service building on GreptimeDB. In the mode of pay-per-use, GreptimeCloud provides customers with a more fine-grained pricing scheme while ensuring customers high-quality services. We strive to provide customers with more profound and transparent solutions by integrating upstream and downstream resources and applying the team's rich experience across Intelligent Monitoring (Cloud-native Observability), Connected Vehicles (CV), Financial Markets, and others.

Dennis Zhuang, the CEO, said: "Greptime's core team members played essential roles in ultra-large-scale businesses' operation and maintenance (O&M) departments. We faced the challenges of writing, querying, and analyzing trillions of real-time data daily, but the TSDB that existed on the market back then had failed to meet our needs. While developing better solutions, we found that other industries also faced these common challenges, and that was when we saw huge demand and market for a better TSDB and set our minds to create GreptimeDB. Besides, one of my dreams from the first day I joined the IT industry was to create world-class infrastructure software with a group of passionate teammates who also share the same vision. I hope we can bring real value to our users and realize our dreams together."

Our core developers previously worked at top-tier Tech companies in China, including Ant Group, Alibaba Cloud, and Didi. CEO Dennis led the Intelligent Monitoring team of Ant Group and developed an ultra-large-scale time series data platform to serve AIOps intelligent operation and maintenance. CTO Sun Ning and Tech VP Feng Jiachun are tech leaders from Didi and Ant Group, responsible for the firms' product design, research and development (R&D) and created other popular open-source projects, such as SOFAJRaft.

Glory Ventures, the leading investor of the angel round, said, "Data infrastructure is one of the main focusing investment areas of Glory Ventures. TSDB has various use cases in Operation Monitoring, the Internet of Things (IoT), Finance, Manufacturing, and other fields. We are seeing drastic changes in time-series data processing, which entails increasing complex analysis processing capabilities and higher scalability. Greptime's core team members successfully developed a TSDB in their previous companies; furthermore, the product met the business, performance, and stability requirements after testing under different scenarios in the production environment. We have reasons to believe that Greptime will become an innovative open-source TSDB leader in the worldwide market."

Wang Xiao, the founder of Unity Ventures, said: "Electrification, IoT, and Informatization generate massive amounts of data, and the demand for processing time series data frictionlessly and efficiently is soaring. Greptime has accumulated many years of experience in this field, and we look forward to it bringing innovative and disruptive products at the infrastructure level!"

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