PingCAP, a leading distributed database company that created the popular cloud-native NewSQL database TiDB, announces 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.
This is the third investment by Yunqi Partners after it led PingCAP’s A round financing in September 2016. PingCAP completed its $15 million B round of financing in June 2017, and Yunqi Partners continued to give its support to PingCAP.
Mr. Ng Yipin, Managing Partner of Yunqi Partners, remarked: “PingCAP has been working to solve the long-standing world-class difficult problem of relational database horizontal expansion in the database field, and has developed products that are highly competitive in core technologies in this field globally. Over the past year, PingCAP has also developed rapidly in product commercialization and globalization. Yunqi Partners is upbeat that PingCAP will become a world-class infrastructure software company and is also very happy to continue to support PingCAP’s C round financing.”
Yunqi Partners has long kept a close watch on the big data and cloud computing field. Besides PingCAP, Yunqi Partners has also invested in a number of companies, including new-generation GPU hardware accelerated database system company Zilliz, the enterprise real-time graph database platform TigerGraph, the intelligent cloud management platform CloudChef, and cloud computing- and AI-based data technology company CloudIn.
“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 Analyst 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.”