Open-Source Company PingCAP Announces $270 Million Series D Funding
SAN MATEO, Calif., Nov. 17, 2020 /PRNewswire/ -- PingCAP, the team behind TiDB, the industry-leading distributed SQL database, announced today the closing of $270 million in Series D funding. The funding was jointly led by GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital, and 5Y Capital (formerly known as Morningside Venture Capital). Coatue, Bertelsmann Asia Investment Fund (BAI), FutureX Capital, Kunlun Capital, Trustbridge Partners, and existing investors Matrix Partners China and Yunqi Partners also participated in this round.
“We are committed to building the database of the future—a one-stop solution that will help organizations leverage their data and improve their productivity, and we are glad to see this mission played out in the market,” said Max Liu, PingCAP co-founder and CEO. “With this funding, we can continue to develop our core technologies, advance the global expansion of our offerings, especially the TiDB Cloud product, and our solutions and services, as well as our open-source community and ecosystem.”
TiDB is an open-source hybrid transactional and analytical (HTAP) database targeted at companies that need to handle large volumes of data and scale quickly. It has been adopted by more than 1,500 companies globally across multiple industries, including finance, e-commerce, payment, online video, gaming, logistics, media, manufacturing, and travel. Adopters include Square, an American financial services and merchant services aggregator and mobile payment company; PayPay, a Japan-based mobile payment company; Shopee, a leading e-commerce platform headquartered in Southwest Asia; Dailymotion, a French video-sharing technology platform; and BookMyShow, a popular online ticketing and entertainment platform in India.
TiDB combines both online transactional processing (OLTP) and online analytical processing (OLAP) workloads in the same database. This results in a true competitive advantage: live, scalable transactional data is readily available for analytics, faster decision making and time-to-market, exceptional customer experiences and, ultimately, business success without infrastructure concerns.
As more companies move to the cloud, TiDB can be easily deployed on any public, private, or hybrid cloud and reduce users’ total cost of ownership (TCO). In June 2020, PingCAP announced the beta release of TiDB Cloud, the fully managed TiDB service that allows users to access the full power of TiDB and focus more on their applications.
“TiDB’s thriving global ecosystem, including its diverse contributors, myriad adopters, and its partnership with multiple organizations, powers accelerating product development and validates TiDB’s ability to serve the most challenging scenarios across multiple global industries,” said Glenn Solomon, partner at GGV Capital. “TiDB is a thriving open-source project, and we have strong confidence in the PingCAP leadership team to enable a growing number of global organizations to flourish and succeed with TiDB.”
“The explosive growth in data requires a scalable, agile, and cost-effective solution,” said Pueo Keffer, Managing Director of Access Technology Ventures. “PingCAP is a leader in data infrastructure and uniquely well-positioned to accelerate digital transformation worldwide.”
Founded in 2015, PingCAP is an enterprise-grade software service provider committed to delivering an open-source, cloud-native, one-stop database solution for growth-oriented clients to focus on their businesses instead of housekeeping. PingCAP’s flagship project, TiDB, is an open-source, distributed Hybrid Transactional/Analytical Processing (HTAP) database that features horizontal scalability, strong consistency, and high availability with MySQL compatibility. For more information, visit www.pingcap.com.