PingCAP, a distributed database company that created cloud-native NewSQL database TiDB, has announced a $50 million Series C funding round led by FOSUN and Morningside Venture Capital. All previous investors – China Growth Capital, Yunqi Partners, Matrix Partners China, and others – have also participated in this Series C financing round.
PingCAP’s flagship product, TiDB, is a hybrid transactional and analytical processing (HTAP) database that powers both distributed transactions and real-time analytics. It features horizontal scalability, “strong consistency, and high availability” with MySQL compatibility, serving as a one-stop database solution for both OLTP (Online Transactional Processing) and OLAP (Online Analytical Processing) workloads.
PingCAP has planned to use this new capital to expand the TiDB ecosystem globally, build cross-cloud product offering, and invest in innovation of its core technology.
“A new breed of database vendors, sometimes referred to as NewSQL databases, are coming on the scene with offerings blending operational and analytical processes, which has emerged as an appealing use case for many enterprises,” said James Curtis, Senior Analyst, Data Platforms and Analytics at 451 Research. “PingCAP is among these NewSQL database vendors and is noted for its open source, modular-based database that enables hybrid operational and analytic processing to occur in a singular system.”
“After three years of hard work, rapid product development, and cutting-edge engineering, PingCAP and its open source community have made the promise of an HTAP database a reality,” said Yonggang Cong, Vice President and Managing Director of FOSUN. “We are excited to support the future growth of this amazing team.”
PingCAP’s TiDB solution has been adopted by more than 300 companies, from banking and e-commerce, to fintech, gaming, and travel. Its distributed transactional key-value storage component, TiKV, was recently accepted as a Cloud Native Computing Foundation project. PingCAP has a global customer base that includes Mobike, Bank of Beijing, Hulu, Lenovo, and Ele.me.
“The database industry has always been a competitive arena, and PingCAP has secured a prominent spot in this crowded field by becoming the go-to solution for many large-scale Internet companies and financial services enterprises in China,” said Richard Liu, Managing Director of Morningside Venture Capital. “Thus, we are glad to grow with PingCAP and continue building the TiDB ecosystem together.”