PingCAP, the company renowned for developing the open-source NewSQL database TiDB, has secured $270 million in a Series D funding round. TiDB is designed to manage both transactional and analytical data processing (HTAP), and it caters to rapidly expanding businesses – notably those in the payments and e-commerce sectors – that are facing escalating data volumes.

This investment round was spearheaded by GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital, and 5Y Capital, which previously operated as Morningside Venture Capital. Additional investors included Coatue, Bertelsmann Asia Investment Fund, FutureX Capital, Kunlun Capital, Trustbridge Partners, alongside existing investors Matrix Partners China and Yunqi Partners.

With this latest funding, the total capital raised by PingCAP now reaches $341.6 million. Their previous funding event, a $50 million Series C, was announced in September 2018.

PingCAP reports that approximately 1,500 organizations globally have implemented TiDB. Notable users include Square, the Japanese mobile payment service PayPay, the e-commerce application Shopee, the video-sharing site Dailymotion, and the ticketing service BookMyShow. TiDB uniquely integrates online transactional processing (OLTP) and online analytical processing (OLAP) within a single database, enabling quicker real-time analytics compared to other distributed database systems, according to PingCAP.

In June, PingCAP introduced TiDB Cloud, a fully-managed “TiDB as a Service” offering available on Amazon Web Services and Google Cloud. The company intends to broaden the availability of TiDB Cloud to additional platforms, and a portion of the new funding will support the expansion of its global user base.