Timecho, a provider of industrial internet of things (IoT) services, announced on Wednesday that it had completed a nearly 100 million yuan ($14.92 million) angel round of financing. Sequoia Capital China led this round, which was followed by Koala Fund, Gobi Partners China, and Cloudwise. The funds will primarily be used to develop open source products, build open source communities, and recruit talent.
Timecho, founded in October 2021, is an open source time series database based on Apache IoTDB. It aims to provide time series database products with comprehensive functions and outstanding performance to users in various industries, particularly industrial sectors, so that enterprises can tap greater data value at lower costs.
The company holds over 30 invention patents in China, the United States, and Europe, and it has presented numerous papers at leading database conferences such as ICDE, SIGMOD, and VLDB. So far, Apache IoTDB is the Apache Foundation’s only time series database project. Since joining the Apache Incubator in 2018, the developer community has grown rapidly, and the firm now ranks seventh in the world in terms of IoTDB community code submissions, according to the Apache Annual Report in 2021.
Timecho has focused on global business expansion and has collaborated on research and development with both domestic and foreign companies. It has received orders in the fields of energy, aerospace, intelligent manufacturing, and power grids, as well as steel, car networking, the petrochemical industry, meteorology, finance, and new energy vehicles.
Following that, Timecho will accelerate the development of IoTDB products, integrate more cutting-edge technologies to better handle high-end complex equipment, and manage IoT data for massive common equipment. The company hopes to bring more users together in an open source manner while also providing other value-added functions such as an algorithm library, customised services, and cloud hosting based on the needs of users in various fields. In light of the unique hardware environment both at home and abroad, as well as the increased demands for data, stability, and functions, the company will also provide a more adaptable and efficient commercial version of IoTDB.