PingCAP, the open source software developer best known for the NewSQL TiDB database, has raised a Series D worth $ 270 million. TiDB takes on hybrid transaction and analytics processing (HTAP) and is aimed at high-growth businesses, including payment and e-commerce services, that need to process ever increasing amounts of data.
The main investors in the round were GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital and 5Y Capital (formerly known as Morningside Venture Capital). This also included the participation of Coatue, the Bertelsmann Asia Investment Fund, FutureX Capital, Kunlun Capital, Trustbridge Partners and the returning investors Matrix Partners China and Yunqi Partners.
The financing brings PingCAPs Total increased to $ 341.6 million so far. The final round, a $ 50 million Series C, was announced back in September 2018.
According to PingCAP, TiDB has been adopted by around 1,500 companies worldwide. Some examples include Square; Japanese mobile payment company PayPay; Shopee e-commerce app; Dailymotion video sharing platform; and ticketing platform from BookMyShow. TiDB handles online transaction processing (OLTP) and online analytics processing (OLAP) in the same database. According to PingCAP, this results in faster real-time analysis than other distributed databases.
In June, PingCAP launched the TiDB Cloud, known as fully managed "TiDB as a Service", on Amazon Web Services and Google Cloud. The company plans to add more platforms. Part of the funds will be used to expand the TiDB Cloud global user base.