PingCAP Inc., the company behind the cloud-native NewSQL database TiDB, today said it has raised $50 million in new funding to expand the TiDB ecosystem globally, build cross-cloud product offerings and further develop its core technology.

The Series C round was led by FOSUN and Morningside Venture Capital, with previous investors China Growth Capital, Yunqi Partners and Matrix Partners China also participating.

Founded in 2015, PingCAP has built an open-source distributed NewSQL hybrid transactional and analytical processing database. Its flagship product, TiDB, is said to offer infinite horizontal scalability, strong consistency and high availability, serving as a one-stop solution for both online transaction processing and online analytical processing, known better by their acronyms OLTP and OLAP.

Differing from NoSQL databases that have become increasingly popular, 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.

Companies using TiBD include Beijing Mobike Technology Co., Ltd., Bank of Beijing Co. Ltd., Hulu LLC, Lenovo Group Ltd. and ELEME Inc.

Including the new funding, PingCAP has raised $72.6 million to date.

Image: PingCAP