SAN MATEO — PingCAP, a distributed database company that created the cloud-native NewSQL database TiDB, has raised 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 round. PingCAP plans to use this new capital to expand the TiDB ecosystem globally, build cross-cloud product offering, and invest in innovation of its core technology.
“Since day 1, we have made it our mission to build a database of the future–one that helps enterprises unleash the power of their data creatively, anywhere in the world,” says co-founder and CEO Max Liu. “With this new funding round, we will be one step closer to fulfilling that mission.”
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.
“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,” says 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.”
PingCAP was founded in April 2015, and provides enterprise-level and cloud-based services and technology for TiDB, a cloud-native NewSQL database which the company began building since its inception.