AI startup Temporal completed a $550 million late-stage financing round with a valuation of $12.55 billion, led by Lightspeed Venture Partners

According to Reuters, the artificial intelligence startup Temporal announced the completion of a $550 million late-stage financing, with its valuation more than doubling to $12.55 billion within seven months. This round was led by Lightspeed Venture Partners, with Wellington Management, Goldman Sachs Alternatives' Growth Equity, 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 to invest.

The funds will be used to expand global operations and deepen platform research and development. 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 clients include OpenAI, Snap, Nvidia, Netflix, and JPMorgan Chase.

The company has 570 employees and an annualized revenue run rate exceeding $250 million, more than doubling year-over-year. In February of this year, the company completed a $300 million financing led by a16z at a valuation of $5 billion.