Chinese venture firm China Growth Capital has led a US$15 million series B financing round in PingCAP, a Beijing-based start-up focused on building databases for enterprise customers.
Other venture firms including Matrix Partners China, Yunqi Partners, Frees Fund and K2VC also participated in the round, according to a company announcement.
Founded in 2015 by engineers and architects who formerly worked at Twitter.com, JD.com, Baidu.com, Qihoo 360, Sogou.com and Wandou Labs, PingCap is the developer of TiDB, a popular open-source distributed NewSQL database.
"TiDB, a new generation database management product developed by PingCAP has enjoyed great reputation among international developers and attracted a group of enthusiastic fan users," said Wu Haiyan, a managing partner at China Growth Capital. "TiDB is able to solve the core issue in the data management sector, which is to liberate users from the limitation of their database while experiencing rapid user growth."
TiDB has received over 10,000 stars from users on GitHub, a popular open-source code sharing platform, with over 150 contributors globally.
PingCAP says its beta products have been used by companies including popular bike rental firm Mobike, Chinese online travel company Tongcheng Tourism and 360 Finance. It plans to launch a commercial version of the system in the near future.
PingCAP previously received an angel round from Matrix Partners China in 2015. It obtained series A financing from Yunqi Partners in 2016, though financing terms were not disclosed.