PingCAP, the San Mateo, Calif.-based company behind TiDB, a distributed SQL database, closed a $270m Series D funding round.
The round 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.
The company intends to use the funds to continue to develop its core technologies, advance the global expansion of its offerings, especially the TiDB Cloud product, and its solutions and services, as well as its open-source community and ecosystem.
Founded in 2015 by Max Liu, CEO, PingCAP provides TiDB, 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, PayPay, Shopee, Dailymotion, and BookMyShow.
As more companies move to the cloud, TiDB can be 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, a fully managed TiDB service that allows users to access the full power of TiDB and focus more on their applications.