VCs in $15m round for China software start-up PingCap
PingCap, a Beijing-based start-up that provides database solutions for enterprise customers, has secured a $15 million Series B round led by China Growth Capital.
Other investors in the round include Matrix Partners China, Yunqi Partners, Frees Fund and K2VC. The company plans to use the new funding to accelerate R&D and commercialization of its products.
PingCap was founded in 2015 by engineers who formerly worked at internet companies like Twitter, JD.com, Baidu, and Sougou. It develops TiDB, an open-source distributed structured query language (SQL) database management system. Using the system, enterprises can make interactive information queries from databases and gather related data for reports and analysis.
According to PingCap, TiDB has been widely adopted by Chinese companies operating in the internet, financial, gaming and telecom industries. Among them are bike-rental firm Mobike, travel booking site Ly.com, and Qihoo 360 Technology’s financial unit 360 Finance.
The company received an angel round from Matrix Partners in 2015, and a Series A round from Yunqi Partners last year.
“TiDB addresses the core issues that have long plagued the industry, allowing the corporate users’ businesses to grow quickly without being limited by the expansion of their database. We believe TiDB will become the main infrastructure product in the big data era,” Haiyan Wu, managing partner of China Growth Capital, said in a statement.
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