Tinybird Inc., a startup with a platform for powering real-time analytics projects, today announced that it has raised $30 million in funding.

Balderton Capital led the Series B investment with participation from returning backers CRV, Singular and Crane. A source told TechCrunch that Tinybird is now worth $240 million.

Many applications require the ability to process data immediately after it’s generated. Information about a potential network breach, for example, must be sent to a company’s cybersecurity tools as soon as possible to minimize the amount of time the hackers have to infect internal systems. An e-commerce website, in turn, requires the ability to refresh shopping suggestions immediately when new data becomes available about a user’s buying preferences.

Setting up the software needed to analyze data in real-time historically involved a significant amount of work. According to Tinybird, its platform can simplify the process. The software promises to reduce many of the development tasks involved in real-time data analytics projects to a few clicks.

Tinybird provides prepackaged connectors for collecting data in real-time from a company’s systems. When needed, developers can combine that data with historical information. A cybersecurity application, for example, could enrich a real-time breach alert with historical data about past user activity that may be related to the incident.

According to Tinybird, its platform can perform certain analytics tasks that usually take a few seconds in a matter of milliseconds. That allows applications to react more quickly to new data. The platform’s performance is the fruit of several speed optimizations developed by the company.

A feature called Materialized Views can cache the results of frequently repeated queries, which removes the need to calculate those results from scratch every time they’re needed. That enables developers to decrease query wait times for their applications. According to Tinybird, the feature works with up to billions of rows of data.

The company also offers a feature called JWTs for API Endpoints that allows data requests from customers’ applications to reach its platform faster. Typically, such requests have to go through an intermediary such as a proxy before proceeding to Tinybird’s platform. JWTs for API Endpoints reduces the need to use intermediary applications, which lowers latency.

Developers can check that a Tinybird-powered application’s data is processed correctly using a set of built-in error detection features. Meanwhile, a tool called Environments promises to help software teams fix malfunctions before they find their way to production. It provides the ability to evaluate changes to a Tinybird environment in an isolated test environment before applying it to live data.

“All real-time databases are fast. Indeed, scalability, performance, and security are table stakes,” co-founder and Chief Executive Officer Jorge Sancha wrote in a blog post. “That is why, in addition to performance, we prioritize the developer experience for every feature we develop.”

The company disclosed on occasion of its funding announcement today that its revenue has tripled over the past year, off an undisclosed base. Tinybird’s customer base includes Canva Inc., Vercel Inc. and other well-funded enterprise software startups.

To further grow its market presence, the company will reportedly use the funding round to build new artificial intelligence features for its platform. The goal is to automate some of the coding tasks involved in analyzing real-time data. Tinybird will also add support for Apache Iceberg, a data format that lends itself to storing information used in analytics projects. 

Image: Tinybird