Episode1 Ventures led the round with assistance from Seedcamp, 7percent Ventures, YCombinator, Kima Ventures and several unnamed angel financiers.
The database was initially developed in 2013 when current CTO Vlad Ilyushchenko was constructing trading systems for a financial services business and he was annoyed by the performance constraints of the databases available at the time, so he began constructing a database that might deal with big quantities of data and process it incredibly quick.
For a number of years, QuestDB was a side task, a labor of love for Ilyushchenko till he fulfilled his other co-founders Nicolas Hourcard, who became CEO and Tancrede Collard, who became CPO, and the 3 chose to develop a startup on top of the open source job last year.
“We’re developing an open source database for time series data, and time series databases are a multi-billion dollar market due to the fact that they’re central for monetary services, IoT and other business applications. And we basically make it simple to deal with explosive quantities of data, and to minimize infrastructure expenses massively,” Hourcard told TechCrunch.
He adds that it’s also about high efficiency. “We just recently released a demonstration that you can access from our site that enables you to query an incredibly big datasets– 1.6 billion rows with sub-second questions, primarily, which simply highlights how performant the software is,” he said.
He sees open source as a method to develop adoption from the bottom up inside organizations, winning the hearts and minds of designers first, then moving much deeper in the company when they eventually develop a managed cloud version of the product. For now, being open source likewise helps them as a small group to have a neighborhood of factors help develop the database and add to its function set.
“We’ve got this open source product that is free to use, and it’s quite important for us to have such a distribution design because we can essentially empower developers to fix their issues, and we can ask for contributions from numerous neighborhoods. […] And this is truly a method to spur adoption,” Hourcard said.
He says that dealing with YC has allowed them to talk with other business in the community who have constructed comparable open source-based start-ups which’s been valuable, however it has also assisted them learn to set and fulfill objectives and have access to a few of the biggest names in Silicon Valley, consisting of Marc Andreessen, who provided a talk to the associate the same day we spoke.
Today the business has 7 workers including the three creators, spread out across the United States, EU and South America. When it comes to building a diverse team in the future, he sees this geographic diversity helping. “We definitely want to have more diverse backgrounds to ensure that we keep having a diverse group and we’re really highly committed to that.”
For the short term, the company wants to continue building its neighborhood, working on continuing to improve the open source item, while dealing with the managed cloud item.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.