PingCAP, the San Mateo, California-based company behind TiDB, a distributed SQL database, secured US$ 270 million in a Series D funding round held in November 2020.
The round was co-led by GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital and 5Y Capital (formerly known as Morningside Venture Capital). Other participants include Coatue, Bertelsmann Asia Investment Fund (BAI), FutureX Capital, Kunlun Capital, Trustbridge Partners and existing investors Matrix Partners China and Yunqi Partners.
The company plans to use the investment to continue developing its core technologies, enhance the global expansion of its services, especially the TiDB Cloud product, and its solutions and services, as well as its open-source community and ecosystem.
Founded in 2015 by Max Liu the company’s CEO, Dylan Cui and Edward Huang, provides TiDB, an open-source hybrid transactional and analytical (HTAP) database aiming companies that have to handle large volumes of data and scale up fast. The company has been taken up by more than 1,500 companies globally across multiple industries, including finance, e-commerce, payment, online video, gaming, logistics, media, manufacturing, and travel. The companies that adopted the service include Square, PayPay, Shopee, Dailymotion, and BookMyShow.
As more companies migrate to the cloud, TiDB can be utilized on any public, private, or hybrid cloud and reduce users’ total cost of ownership (TCO). In June 2020, the startup announced the beta release of TiDB Cloud, a fully managed TiDB service that enables users to access the full power of TiDB and concentrate more on their applications. The company has a total funding of US$ 341.6 million.
About GGV Capital
GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud and Frontier Tech sectors. Founded in 2000, GGV Capital’s past and present portfolio companies include Affirm, Airbnb, Alibaba, Bitsight, ByteDance (Toutiao), Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, HashiCorp, Houzz, Namely and Niu.
About Access Technology Ventures
It is the US$ 2.5B plus venture and growth tech investment effort of Access Industries, a global US$ 20B plus investment platform. Their portfolio includes leading technology companies such as Alibaba, Facebook, Snapchat, Spotify, Square, Rocket Internet, Zalando, Digital Ocean, Opendoor, and Yelp. Access Industries was founded in 1986 by Len Blavatnik.
About Anatole Investment
Anatole Investment Management Limited (“Anatole”) is an international investment management firm headquartered in Hong Kong and was founded in 2016. They manage long-term capital for highly sophisticated professional investors and clients on a global scale.
About Jeneration Capital
Founded in 2015, Jeneration Capital is an Asian growth capital asset manager that targets technology and tech-enabled investments. It typically leads or co-lead in series C and D financing rounds with board seats and take an active portfolio management approach to make value for their portfolio companies through a collaborative network.
About 5Y Capital
5Y Capital is one of the first investment institutions in China engaged in early-stage venture investments and currently manages approximately US$ 3 billion in dual-currency funds in USD and RMB, supported by world-renowned sovereign wealth funds, family offices, fund of funds, university endowments, pensions and foundations. It was founded in 2008 by Ken Shi and Richard Liu.
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