Temporal raises $550M at a $12.55B valuation

Temporal, a platform that provides a cloud-based workflow management system, has raised $550 million in a Series E funding round, valuing the company at $12.55 billion. The funding was led by global investment firm KKR, with participation from existing investors including Founders Fund, Lux Capital, and Spark Capital. This latest round brings the total funding raised by Temporal to over $1.2 billion. The platform, which was founded in 2013, offers a cloud-based workflow management system that enables businesses to build, run, and manage distributed systems. Temporal's platform is used by companies such as Uber, Airbnb, and Peloton, and the company claims to have seen significant growth in recent years, with its revenue increasing by over 5x in the past two years.