US-based enterprise software firm PingCap nets $270m in Series D round

PingCAP, a US-based enterprise-grade software developer best known for its flagship product TiDB, has raised $270 million in a Series D round of financing, it announced on Tuesday.

The fund was jointly led by global venture capital firm GGV Capital; Access Technology Ventures, an over-$2-billion investment arm of US-based Access Industries; Hong Kong-based investment management firm Anatole Investment; Greater China-focused growth capital asset manager Jeneration Capital; and China’s 5Y Capital (formerly known as Morningside Venture Capital).

Other investors included New York-based Coatue; Bertelsmann Asia Investment Fund (BAI), part of German conglomerate Bertelsmann; Chinese growth equity fund FutureX Capital; Beijing-based private equity firm Kunlun Capital; and China-focused Trustbridge Partners.

Its existing investors Matrix Partners China, and Yunqi Partners, a VC firm that focuses on early and growth-stage deals in China, re-upped in this round.

Upon the completion of the Series D round, PingCap has raised at least $340 million. In its Series C round, the firm closed $50 million jointly led by China’s Fosun and the then called Morningside Venture Capital in September 2018.

Founded in 2015, PingCAP is an enterprise-grade software service provider committed to delivering an open-source, cloud-native, one-stop database solution to corporate clients. Its flagship product, TiDB, operates as an open-source hybrid transactional and analytical database targeted at companies that need to handle large volumes of data.

San Mateo, California-based PingCap said that TiDB has been adopted by over 1,500 companies worldwide across multiple industries, including finance, e-commerce, payment, online video, gaming, logistics, media, manufacturing, and travel.

The product has been adopted by clients such as Square, an American financial services and merchant services aggregator and mobile payment company; Japan-based mobile payment firm PayPay; e-commerce firm Shopee; French video-sharing technology platform Dailymotion; and BookMyShow, a popular online ticketing and entertainment platform in India.

“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, in a statement.

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.

“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,” said Liu.

PingCap raised a $15-million Series B round in 2017 and a $7-million Series A round in 2016. Matrix Partners China and China Renaissance’s K2VC were the earliest investors who backed its angel round in 2015.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.