BEIJING, July 20 (TMTPOST) — Open source distributed NewSQL hybrid transactional and analytical processing (HTAP) database provider PingCAP has completed a new round of financing, which has brought its valuation to US$3 billion. The exact amount of funds raised in the new financing has not yet been disclosed.
This round of new financing was led by Sequoia China and backed by the Government of Singapore Investment Corporation and existing investors such as 5Y Capital, GGV Capital and Bertelsmann Management. PingCAP had previously completed five rounds of financing, with the last one raised in November 2020 at US$270 million. By that time, the company had already raised US$340 million in financing.
PingCAP is dedicated to building an open source distributed NewSQL HTAP database. Its flagship project, TiDB, is a cloud-native distributed SQL layer with MySQL compatibility, and one of the most popular open source database projects in the world.