PingCAP Inc., which the company that works properly behind the cloud-native NewSQL database TiDB, today in a report announced that they have raised an amount of $50 million in new funding to expand the TiDB ecosystem globally, build cross-cloud product offerings and further develop its core technology.
The funding series round was led by the leading investor which includes the FOSUN and Morningside Venture Capital, with some of the previous existing which includes the China Growth Capital, Yunqi Partners and Matrix Partners China also participating.
The startup which is founded in the year 2015, PingCAP has built an open-source distributed NewSQL hybrid transactional and analytical processing database. Its flagship product, TiDB, is merely said to offer some of the more infinite horizontal scalability, strong consistency and high availability, serving as a one-stop solution for both online transaction processing and online analytical processing, which is known better by the name as OLTP and OLAP.
Differing from NoSQL databases that have become increasingly popular among the companies and organizations, NewSQL is a class of modern relational database management system that seeks to provide the same scalable performance of NoSQL systems for OLTP read-write workloads while still maintaining the so-called ACID guarantees of a traditional database system.
“A new breed of database vendors, sometimes referred to as NewSQL databases, are coming on the scene with offerings blending operational and analytical processes, which has emerged as an appealing use case for many enterprises,” James Curtis, senior analyst, data platforms and analytics at 451 Research, explained in a statement. “PingCAP is among these NewSQL database vendors and is noted for its open source, modular-based database that enables hybrid operational and analytic processing to occur in a singular system.”
PingCAP has quickly become one of the leading players in the NewSQL space. The company said TiBD has been adopted by more than 300 companies, from banking and e-commerce to financial technology, gaming and travel.
Some of the more companies using TiBD which includes the Beijing Mobike Technology Co., Ltd., Bank of Beijing Co. Ltd., Hulu LLC, Lenovo Group Ltd. and ELEME Inc.
After including the new round of funding, PingCAP has raised $72.6 million till today’s date.
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