Total amount raised
$641.6 Millions
Latest funding date
5/1/2021
Location
PingCAP has successfully raised significant funding through multiple rounds, with the latest being a Series D. The company is backed by a diverse group of investors, including Coatue and GIC.
Continue reading to delve into the details of PingCAP's fundraising journey and the strategic investors supporting its growth.
What Is PingCAP?
PingCAP, founded in 2015, is headquartered in Sunnyvale, California. The company was established by Dylan Cui, Edward Huang, and Max Liu.
PingCAP specializes in developing TiDB, an open-source, distributed SQL database designed for scalable transaction processing and real-time analytics. TiDB aims to provide a one-stop solution for both OLTP and OLAP workloads.
With a workforce of 501-1000 employees, PingCAP continues to innovate in the database industry, offering products that cater to various deployment needs, including TiDB Cloud Serverless and TiDB Self-Managed.
How Much Funding Has PingCAP Raised?
- Seed Round
- Amount Raised: $1.6M
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of TiDB and establish the company.
- Series A
- Amount Raised: $5M
- Date: August 2016
- Lead Investors: Yunqi Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand the team.
- Series B
- Amount Raised: $15M
- Date: June 2017
- Lead Investors: China Growth Capital | CGC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance TiDB's features and scale operations.
- Series C
- Amount Raised: $50M
- Date: September 2018
- Lead Investors: 5Y Capital, Fosun International, Morningside
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support global expansion and further product innovation.
- Series D (First Round)
- Amount Raised: $270M
- Date: November 2020
- Lead Investors: 5Y Capital, Access Technology Ventures, Anatole, GGV Capital, Jeneration Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand R&D, advance global expansion, and invest in the open-source community.
- Series D (Second Round)
- Amount Raised: $300M
- Date: May 2021
- Lead Investors: GGV Capital, Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale TiDB Cloud and enhance global market presence.
Total Amount Raised: $641.6M. Current Valuation: Not publicly disclosed.
Key Investors
- GGV Capital
- Details: GGV Capital is a global venture capital firm that invests in consumer, enterprise, and frontier tech sectors. They have a strong presence in both the U.S. and China.
- Investment Focus Areas: Consumer, enterprise, frontier tech.
- Notable Investments: Airbnb, Alibaba, Square.
- Sequoia Capital
- Details: Sequoia Capital is one of the most renowned venture capital firms, known for backing early-stage startups that have grown into industry giants. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, Oracle.
- 5Y Capital
- Details: Formerly known as Morningside Venture Capital, 5Y Capital focuses on early-stage investments in technology and innovation. They have a significant footprint in the Chinese market.
- Investment Focus Areas: Technology, healthcare, innovation.
- Notable Investments: Xiaomi, Meituan-Dianping.
- Access Technology Ventures
- Details: Access Technology Ventures is the venture capital arm of Access Industries, focusing on technology and software companies. They have a global investment strategy.
- Investment Focus Areas: Technology, software.
- Notable Investments: Alibaba, Facebook, Uber.
- Jeneration Capital
- Details: Jeneration Capital is a growth equity investment firm that targets technology and consumer sectors. They are known for their strategic investments in high-growth companies.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: ByteDance, Kuaishou.
What's Next for PingCAP?
PingCAP is poised to capitalize on the rapid digital transformation sweeping across industries. With $270 million in Series D funding, the company plans to triple its R&D efforts globally, particularly for TiDB Cloud. This expansion aims to enhance their presence in North America, Japan, Asia Pacific, and Europe, tapping into the growing demand for scalable, agile, and cost-effective data solutions.
Future fundraising opportunities seem promising, given the substantial backing and ambitious growth plans. However, challenges such as managing rapid growth, maintaining the open-source community, and competing in a dynamic market could pose hurdles. Ensuring the security and reliability of their cloud services will be crucial as they scale.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like PingCAP and gather other critical business insights.
Sign up for free on Clay and start transforming your sales approach today.
