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.