Temporal, a company that specializes in keeping applications running when something fails, has raised $550 million in a Series E round that values it at $12.55 billion. This valuation is more than double what it was just seven months ago, when the company was valued at $5 billion after raising $300 million in a round led by Andreessen Horowitz.
Lightspeed Venture Partners led the recent round, with Wellington Management, Growth Equity at Goldman Sachs Alternatives, and Tiger Global serving as co-leads. Other investors include T. Rowe Price, SV Angel, and returning investors such as Andreessen Horowitz, Sequoia, Index, GIC, Sapphire Ventures, and Amplify.
Temporal's software, which is free to use, saves an application's state at each step, allowing work to resume where it left off in case of a server crash or an outside service stopping. The company makes money from Temporal Cloud, a managed version of the platform.
According to Samar Abbas, co-founder and chief executive of Temporal, the growing demand for the company's software is driven by businesses putting AI agents into production. These agents can run for hours or days and call many tools and systems, creating multiple points of potential failure.
Temporal says its annualized revenue run rate has passed $250 million, up more than 200% from the previous year. The company also reports that net dollar retention has been above 200% since February, and that Temporal Cloud processed over 1.9 trillion actions in August, a year-over-year increase of more than 350%.
The company has more than 4,300 paying customers, including notable names such as OpenAI, Snap, Nvidia, Netflix, and JPMorgan Chase. OpenAI's use of Temporal has grown 60-fold in under a year, according to the company.
The new funding will be used to expand research and development, as well as to increase developer and enterprise sales and global operations. The company's workforce has doubled to 570 people in the past year.
Temporal is not alone in the market for software that keeps applications running. Other companies, such as Inngest, Trigger.dev, and Restate, offer similar solutions, although they have raised significantly less funding.
The round is part of a larger trend of large AI deals, with AI companies taking 86% of US venture deal value in the first half of 2026, according to Reuters. Recent examples include Harvey's $550 million round and Cognition's Series E.
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