Timecho, an industrial internet of things (IoT) service provider, announced on Wednesday that it has completed an angel round of financing worth nearly 100 million yuan ($14.92 million). This round was led by Sequoia Capital China, followed by Koala Fund, Gobi Partners China and Cloudwise. The funds will be mainly used for open source products, open source community construction, and talent recruitment.
Timecho, established in October 2021, is a company based on Apache IoTDB, an open source time series database. It aims to provide users in various industries, especially industrial sectors, with time series database products that have comprehensive functions and outstanding performance, so that enterprises can tap greater data value at lower costs.
The company has more than 30 invention patents in China, the United States and Europe, and it has published many papers at top database conferences such as ICDE, SIGMOD and VLDB. Apache IoTDB is the only time series database project of the Apache Foundation so far. Since entering the Apache Incubator in 2018, the developer community has developed rapidly, and the firm’s number of IoTDB community code submissions ranks seventh in the world, according to the Apache Annual Report in 2021.
Timecho has been focused on global business expansion, and has been maintaining cooperative research and development with domestic and foreign companies. It has successively obtained orders in the fields of energy, aerospace, intelligent manufacturing and power grids, and also from industries such as steel, car networking, the petrochemical industry, meteorology, finance and new energy vehicles.
Next, Timecho will accelerate the development of IoTDB products, integrate more cutting-edge technologies to better handle high-end complex equipment and IoT data management of massive common equipment. The company hopes to bring together more users in an open source way and provide other value-added functions such as an algorithm library, customized services and cloud hosting according to the needs of users in different fields. In view of the unique hardware environment at home and abroad, as well as the higher requirements for data, stability and functions, the company will also provide a more adaptive and efficient commercial version of IoTDB.