COSS Weekly: Convex raises $57M, Elastic acquires Deductive AI, HashiCorp founder launches new startup, and more

Convex raised a $57 million Series B led by Insight Partners, with participation from Etna Labs, a16z, and Spark Capital. Elastic agreed to acquire Deductive AI, an AI-powered investigation platform, and Keyfactor entered a definitive agreement to acquire Cofide. Temporal reported a fivefold increase in AI spending alongside doubled revenue, and YugabyteDB introduced AMP, a serverless PostgreSQL offering with AI agents for database fleet management.

This week in COSS: Convex raised a $57 million Series B led by Insight Partners, with Etna Labs and existing backers a16z and Spark Capital also participating. In M&A, Elastic agreed to acquire Deductive AI, an AI-powered investigation platform for resolving production issues, while Keyfactor entered a definitive agreement to acquire Cofide. Elsewhere, Temporal described the impact of a fivefold increase in AI spending alongside doubled revenue; YugabyteDB introduced AMP, a serverless PostgreSQL offering with AI agents for database fleet management; and OpenAI, AWS, Cursor, GitHub, and Microsoft backed Vercel’s Agent Plugins standard. Supabase became a launch partner for OpenAI’s Sign in with ChatGPT beta, Red Hat launched the asago community for AI safety and governance automation, Elastic expanded its OpenAI collaboration for enterprise AI applications, and HashiCorp co-founder Mitchell Hashimoto launched Multiplexer, a server-side terminal multiplexer startup. We also feature the following companies in Cossmology: Cofide, TidesDB, LangWatch, Fleet Device Management, Quandela, Upsonic, OllyGarden, Expected Parrot, Dagger, and Soda. Companies mentioned: Temporal https://cossmology.com/organizations/temporal OSS News & Views · The New Stack Companies mentioned: YugabyteDB https://cossmology.com/organizations/yugabytedb OSS News & Views · The New Stack Companies mentioned: Elastic https://cossmology.com/organizations/elastic Announcement · Elastic Blog Companies mentioned: Convex https://cossmology.com/organizations/convex Funding · Convex Blog Companies mentioned: Vercel https://cossmology.com/organizations/vercel Announcement · The New Stack Companies mentioned: Cofide https://cossmology.com/organizations/cofide Announcement · Cofide Blog Companies mentioned: Supabase https://cossmology.com/organizations/supabase Announcement · Supabase Blog Companies mentioned: Red Hat https://cossmology.com/organizations/red-hat Announcement · Red Hat Newsroom Companies mentioned: Elastic https://cossmology.com/organizations/elastic Announcement · Elastic Blog Companies mentioned: HashiCorp https://cossmology.com/organizations/hashicorp Announcement · The Register Open-standards workload identity platform Embeddable key-value storage engine AI agent testing and evaluation platform Open-source device management for multiple OS. Develops photonic quantum computers & software. Open-source AI agent framework for fintech Extracting insights from OpenTelemetry data Open-source platform for AI-powered surveys Software for building and running CI/CD pipelines. Data quality platform for modern data stack