Name changes and shifts-in-focus are common within the startup community; entrepreneurs must remain flexible in order to survive. But these changes typically happen in the early stages before a startup has received widespread industry acclaim and nearly $4 million in funding, like TempoDB has, who announced such a bold, surprising change today.
Hot on the heels of being named the 'Best B2B Startup' at last month's Moxie Awards, TempoDB will be changing its name to TempoIQ as the company refocuses to become the go-to analytics platform for sensor data.
Excited to announce our name change from @TempoDB to @Tempo_IQ, reflecting our expanded focus on #SensorAnalytics http://t.co/MYF5tMfD6z
— TempoIQ (@Tempo_IQ) July 8, 2014
The company began as a database company for time-series data, collecting data for environmental sensors and connected devices. Originally modeled as a database-as-a-service - functioning purely as a cloud-based host for time-series data thrown off by thermostats and servers - the company recognized that clients and prospects were having more trouble analyzing the sensor data than they were capturing it.
So the company - instead of just collecting the data - will provide users with a platform to monitor, manage, and package it as well. The TempoIQ product can also be programmed to deliver alerts based on rules created by the user and it will apply a variety of functions to the data that it's already storing.
Andrew Cronk, TempoIQ’s co-founder and CEO, told GIGAOM today that the company will now be handling the first four steps in the "hierarchy of data needs," - capture, storage, monitoring and analytics. In other words, the company was simply outgrowing the "DB" at the end of its name. And, as Cronk stated, the company will continue to grow, working towards expanding into the final two steps of the hierarchy, prediction and decision-making. "IQ" just does a better job of capturing the variety of services the company offers and will be offering.
Big brand changes are never easy - and Cronk referenced the risk in his GIGAOM interview - but the Catapult alumna needs to be commended for recognizing a shift in the marketplace and taking the plunge. It definitely shows a high IQ.
