AI startup Temporal completes $550 million in funding, reaching a valuation of $12.55 billion.

According to Reuters, AI startup Temporal announced the completion of a $550 million late-stage funding round, more than doubling its valuation to $12.55 billion over seven months. The round was led by Lightspeed Venture Partners, with Wellington Management, Growth Equity under Goldman Sachs Alternatives, and Tiger Global participating as co-leads. SV Angel and T. Rowe Price Associates advisory accounts also participated, while existing investors Andreessen Horowitz (a16z), Sequoia Capital, and GIC continued their investment. The funds will be used to expand global operations and advance platform R&D. Founded in 2019, Temporal develops open-source software that helps applications, including AI agents, recover from failures, reducing the need for engineers to write custom recovery code. Its customers include OpenAI, Snap, Nvidia, Netflix, and JPMorgan Chase. The company employs 570 staff members and maintains an annualized revenue run rate of over $250 million, representing more than double year-over-year growth. In February this year, the company completed a round led by a16z at a $5 billion valuation