Temporal completes $550 million funding round, led by Lightspeed Venture Partners.

Beating AI News Flash: Open-source software and cloud services developer Temporal announced on Monday that it has completed $550 million in funding, led by Lightspeed Venture Partners, with Wellington Management, Goldman Sachs Growth Equity, and Tiger Global co-leading. The post-money valuation reached $12.55 billion, more than 1.5 times higher than the $5 billion valuation during its funding in February this year.

Founded in 2019, Temporal mainly provides open-source software that helps applications recover from failures, especially for AI Agent scenarios, reducing the need for developers to write customized failure recovery code. Its commercial platform Temporal Cloud currently has more than 4,300 customers, including OpenAI, Nvidia, Netflix, JPMorgan Chase, and Snap.

Temporal said its annualized revenue run rate has exceeded $250 million, more than tripling year over year, and it plans to use this round of funding to expand its global business and R&D investment. The company currently has about 570 employees.