Temporal co-founders Samar Abbas (left), chief executive, and Maxim Fateev, chief technology officer
Temporal has raised $550m in a Series E round that values it at $12.55bn. That is more than double its valuation seven months ago. The company announced the round on 14 September.
Lightspeed Venture Partners led the round. Wellington Management, Growth Equity at Goldman Sachs Alternatives and Tiger Global were co-leads. T. Rowe Price and SV Angel also invested. Returning investors include Andreessen Horowitz, Sequoia, Index, GIC, Sapphire Ventures and Amplify.
In August, TNW reported that Temporal was in talks to raise about $500m at a $12bn valuation. The final round came in larger on both counts. Temporal was valued at $5bn in February, when it raised $300m in a round led by Andreessen Horowitz, Reuters reported.
What Temporal sells
Temporal makes open-source software that keeps applications running when something fails. Its core technology, which it calls Durable Execution, saves an application’s state at each step. If a server crashes or an outside service stops responding, the work resumes where it left off.
The software is free to use. Temporal makes money from Temporal Cloud, a managed version of the platform, according to Reuters.
The company says demand has grown as businesses put AI agents into production. Those agents can run for hours or days and call many tools and systems. Each step is another place for a task to fail.
Samar Abbas, co-founder and chief executive, made the same point in the announcement. “As agents take on more critical work across more systems, every additional step creates another place to fail,” he said.
The numbers behind the valuation
Temporal says its annualised revenue run rate has passed $250m, up more than 200% on a year earlier. It added that net dollar retention, a measure of how much existing customers increase their spending, has been above 200% since February.
Temporal Cloud processed more than 1.9 trillion actions in August, the company says. That is up more than 350% year on year. It has more than 4,300 paying customers, including OpenAI, Snap, Nvidia, Netflix and JPMorgan Chase. Its other named users include Anysphere, the maker of Cursor, as well as Lovable, Scale AI, Salesforce and Shopify.
OpenAI’s use of Temporal has grown 60-fold in under a year, the company wrote in a blog post.
Where the money goes
The money will go into research and development, developer and enterprise sales, and global operations. Its workforce has doubled to 570 people in the past year.
The company was founded in 2019 by Abbas and chief technology officer Maxim Fateev. The two had built workflow software together at Amazon Web Services. At Uber, they later created the open-source engine Cadence. The new round takes Temporal’s total funding to about $1.2bn.
A crowded market for AI funding
Temporal is not the only company selling this kind of software. Tech Funding News lists smaller rivals including Inngest, Trigger.dev and Restate, which have each raised far less.
The round lands during a wave of large AI deals. AI companies took 86% of US venture deal value in the first half of 2026, Reuters reported, citing the PitchBook-NVCA Venture Monitor. Recent examples include Harvey’s $550m round and Cognition’s Series E.
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