US-based distributed database developer PingCap raised $50m in a series C round yesterday co-led by diversified conglomerate Fosun and investment firm Morningside Venture Capital.
China Growth Capital, Yunqi Partners, Matrix Partners China, Frees Fund and K2VC also participated in the round.
Founded in 2015, PingCap has developed a cloud-native database technology, TiDB, that serves as a unified interface for enterprise users who would otherwise have to manage multiple databases. TiDB’s features include the ability to run real-time analytics.
The money will go towards expanding the ecosystem for TiDB internationally, building cross-cloud products and driving core technology development.
China Growth Capital previously led a $15m series B round for PingCap in June 2017, with commitments from Matrix Partners China, Yunqi Partners, Frees Fund and K2VC.
Yunqi Partners provided an undisclosed amount of series A capital in 2016, after Matrix Partners China supplied an unspecified amount of angel funding the previous year.
Max Liu, co-founder and chief executive of PingCap, said: “Since day one, 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.
“With this new funding round, we will be one step closer to fulfilling that mission.”