Founded in 2015, PingCap is an open-source, cloud-native database provider that offers TiDB, a distributed relational database designed for cloud-based storage and analytics. TiDB gives companies flexibility when scaling IT infrastructure by using a distributed network to relieve storage demands on local servers. The company sells its database services via subscription, positioning that as a more efficient alternative to building private IT infrastructure. PingCap's open-source ecosystem has strong developer adoption: TiDB had more than 28,000 likes on GitHub and nearly 1,200 contributing developers as of October 2020. The firm benefits from market tailwinds as mobile internet and AI increase capacity demands beyond existing IT setups. Recently it secured new investment that values the company at over USD 3 billion, building on a USD 270 million Series D that closed in November 2020. PingCAP develops TiDB, an open-source NewSQL database that handles hybrid transactional and analytical processing (HTAP) to combine OLTP and OLAP in a single distributed system. TiDB is aimed at high-growth companies such as payments and e-commerce services that need to process large amounts of data and deliver faster real-time analytics. The company says TiDB has been adopted by about 1,500 companies, including Square, PayPay, Shopee, Dailymotion and BookMyShow. In June PingCAP launched TiDB Cloud, a fully managed "TiDB as a Service" on AWS and Google Cloud, and plans to add more platforms. Part of the new funding will be used to grow TiDB Cloud’s global user base. The round brings PingCAP’s total funding to $341.6 million, reflecting continued investor support as it expands its cloud offering. PingCAP is the developer of TiDB, an open-source MySQL-compatible distributed database designed for hybrid transactional and analytical workloads. The company targets organizations that need to handle large data volumes and scale quickly while retaining a SQL interface. Many TiDB users come from financial services, e-commerce, gaming and travel, and include customers such as Mobike, Bank of Beijing, Hulu, Lenovo and Ele.me. PingCAP said it will use new capital to build more cross-cloud products and to expand its operations in North America, which it views as the most mature cloud market. The company is based in Beijing and was founded in 2015. TiKV, PingCAP’s key-value storage layer, recently became a Cloud Native Computing Foundation project, reflecting growing industry recognition.

Total raised

$320M

Funding rounds

3

Latest round

Series D

Latest activity

Nov 2020