PingCAP Valuation, Funding & Investors

PingCAP is valued at $3B as of May 2021.

Last PingCAP valuation

$3B

Series D · May 2021

Last PingCAP funding round

$300M

Series D · May 2021

Cumulative funding PingCAP raised

$642M

across 6 funding rounds

Key investors in PingCAP

  • Matrix Partners China
  • Yunqi Partners
  • Coatue
  • GGV Capital
  • 5Y Capital
  • China Growth Capital

PingCAP Overview

About PingCAP

PingCAP is a Beijing-headquartered developer of open-source distributed databases. Its flagship product, TiDB, supports hybrid transactional and analytical processing with horizontal scalability and high availability. TiDB handles both OLTP and OLAP workloads as a NewSQL solution compatible with MySQL protocols. Adopted by companies like Xiaomi and JD.com, PingCAP contributes to cloud-native database ecosystems through TiKV and PD components.


Founded

2015

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$3B (May 2021)

PingCAP Valuation

PingCAP is currently valued at $3B, based on its Series D in May 2021.

The $300M round was led by GGV Capital and Sequoia Capital, with participation from GIC and Coatue.

PingCAP valuation by funding round

PingCAP valuation by funding round
DateStageValuation
May 2021Series D$3B

PingCAP Funding History

PingCAP has raised a total of $642M across 6 funding rounds.

PingCAP's first fundraising round was a $2M seed round in April 2015. The most recent completed round was a $300M Series D in May 2021.

PingCAP funding rounds

PingCAP funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2021Series DGGV Capital (lead); Sequoia Capital (lead); GIC; Coatue$300M$3BPingCAP, founded in 2015 and headquartered in Sunnyvale, California, develops TiDB, an open-source, cloud-native distributed SQL database designed for scalable transaction processing and real-time analytics, supporting hybrid transactional and analytical workloads in enterprise cloud environments. The company targets high-growth businesses handling massive transactional data volumes, offering subscription-based database services that reduce the need for heavy private IT infrastructure investments. TiDB leverages distributed networks and cloud computing for flexible scaling, with strong community support evidenced by over 28,000 GitHub likes and nearly 1,200 contributing developers as of October 2020. PingCAP's Series D funding unfolded in two tranches: a first close of $270 million in November 2020 led by 5Y Capital, Access Technology Ventures, Anatole Investment, GGV Capital, and Jeneration Capital, followed by a second close of $300 million around May 2021 led by Sequoia Capital, GGV Capital, GIC, and Coatue, with participation from existing investors like Future Capital and Yunqi Partners. This brought total funding to approximately $641.6-$642 million. The May 2021 round, matching the specified investors and approximate date of January/May 2021, propelled PingCAP into unicorn status with a post-money valuation surpassing $3 billion USD. Funds from the rounds supported R&D expansion, TiDB Cloud growth, global market presence, cloud offerings scaling, and ecosystem advancement amid rising investments in cloud-native technologies. The open-source model drove high valuations, with open-source firms achieving nearly double the price-to-sales ratios of SaaS providers per investor commentary. PingCAP competed in a hot sector with backing from Chinese tech giants like Alibaba and Tencent investing in similar spaces. Post-round, PingCAP focused on deepening cloud-native capabilities, enhancing hybrid processing, global expansion, engineering talent, and developer tools for broader enterprise adoption in data infrastructure.
Nov 2020Series D5Y Capital (lead); Access Technology Ventures (lead); Anatole (lead); GGV Capital (lead); Jeneration Capital (lead); Matrix Partners China; Trustbridge Partners; FutureX Capital; Chuxin Capital; Coatue; BAI capital; Kunlun$270M-PingCAP, the developer of TiDB, an open-source, cloud-native distributed SQL database supporting hybrid transactional/analytical processing (HTAP), raised $270 million in a Series D funding round on November 17, 2020. The round was jointly led by 5Y Capital, Access Technology Ventures, Anatole Investment, GGV Capital, and Jeneration Capital, with participation from Coatue, Bertelsmann Asia Investment Fund (BAI Capital), FutureX Capital, Kunlun Capital, Trustbridge Partners, Matrix Partners China, and others. This brought total funding to $341.6 million following a $50 million Series C in 2018. TiDB is designed for high-growth companies in payments, e-commerce, and other data-intensive sectors, offering infinite horizontal scalability, strong consistency, high availability, and real-time analytics by unifying OLTP and OLAP in one database. By the time of the Series D, TiDB had been adopted by approximately 1,500 companies worldwide, including Square, PayPay, Shopee, Dailymotion, and BookMyShow. PingCAP, founded in 2015 by Dylan Cui, Edward Huang, and Max Liu, is based in San Mateo, California, with operations in Beijing and global expansion focus. The funding aims to advance core technologies, expand TiDB Cloud offerings, grow solutions and services, and strengthen the open-source community and ecosystem. PingCAP positions TiDB as a scalable, agile solution for explosive data growth to accelerate digital transformation.
Sep 2018Series C5Y Capital (lead); Fosun International (lead); Morningside (lead); Matrix Partners China; China Growth Capital; Yunqi Partners$50M-PingCAP, founded in 2015 and based in San Mateo, California with operations in Beijing, develops TiDB, a cloud-native open-source NewSQL distributed database that supports hybrid transactional and analytical processing (HTAP). TiDB provides a MySQL-compatible interface for scalable transaction processing and real-time analytics, enabling enterprises to manage large data volumes without multiple databases. By September 2018, TiDB had been adopted by over 300 companies across banking, e-commerce, fintech, gaming, and travel sectors, including Mobike, Bank of Beijing, Hulu, Lenovo, and Ele.me. TiKV, its distributed transactional key-value storage component, was accepted as a Cloud Native Computing Foundation project. On September 11, 2018, PingCAP announced a $50 million Series C funding round co-led by Fosun International and Morningside Venture Capital, with participation from all prior investors including China Growth Capital, Yunqi Partners, Matrix Partners China, Frees Fund, and K2VC. This followed a $15 million Series B in June 2017 led by China Growth Capital and earlier rounds including Series A from Yunqi Partners in 2016 and angel funding from Matrix Partners China in 2015. PingCAP planned to use the proceeds to expand the TiDB ecosystem globally, develop cross-cloud products, invest in core technology innovation, and prioritize North American market growth as the most mature cloud region. The funding supported rapid product development and engineering to realize the vision of a future-proof database for enterprises worldwide. Post-2018, PingCAP continued raising capital, including a $270 million Series D first close in November 2020 led by 5Y Capital, Access Technology Ventures, Anatole Investment, GGV Capital, and Jeneration Capital, followed by a $300 million second close in May 2021 led by Sequoia Capital, GGV Capital, GIC, and Coatue, bringing total funding to $641.6 million and a $3 billion valuation by 2021.
Jun 2017Series BChina Growth Capital (lead); Frees Fund; Matrix Partners China; FutureCap; K2VC; Yunqi Partners$15M-PingCAP is an enterprise software company best known for TiDB, an open-source distributed SQL database. The company completed a Series B funding round in June 2017, raising $15 million with support from investors including Yunqi Partners. This round represented early-stage growth for the database infrastructure company.
Aug 2016Series AYunqi Partners (lead)$5M-PingCAP raised $5 million in its Series A funding round in August 2016, led by Yunqi Partners. The funding aimed to expand the development team and accelerate product development for TiDB, its open-source distributed SQL database. Yunqi Partners, a venture capital firm focused on early-stage technology companies, had previously invested in PingCAP's seed round and continued support in subsequent rounds. PingCAP, founded in 2015 and headquartered in Sunnyvale, California, develops TiDB for scalable transaction processing and real-time analytics in cloud-native environments. The company later raised additional rounds, including a $15 million Series B in June 2017 led by China Growth Capital and a $50 million Series C in September 2018 led by Fosun International and Morningside Venture Capital.
Apr 2015Seed-$2M--

Who has invested in PingCAP?

21 investors have backed PingCAP across its funding rounds, including Matrix Partners China, Yunqi Partners, Coatue, GGV Capital, 5Y Capital and China Growth Capital.

Lead investors include GGV Capital, Sequoia Capital, 5Y Capital, Access Technology Ventures, Anatole and 5 other investors.


PingCAP Investors

Investors in PingCAP by funding rounds participated
InvestorHQRoundsRoleFirst check
Matrix Partners ChinaChinaBeijing3ParticipantJun 2017
Yunqi PartnersChinaShanghai3LeadAug 2016
China Growth CapitalChinaBeijing2LeadJun 2017
5Y CapitalChinaChina2LeadSep 2018
GGV CapitalUnited StatesSan Francisco, CA2LeadNov 2020
CoatueUnited StatesNew York City, NY2ParticipantNov 2020
Frees FundChinaBeijing1ParticipantJun 2017
Access Technology VenturesUnited StatesNew York City, NY1LeadNov 2020
Trustbridge PartnersUnited StatesBoston, MA1ParticipantNov 2020
FutureX CapitalHong KongHong Kong1ParticipantNov 2020
Jeneration CapitalHong KongHong Kong1LeadNov 2020
Chuxin CapitalChinaBeijing1ParticipantNov 2020
GICSingaporeSingapore1ParticipantMay 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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PingCAP Competitors

PingCAP competitors include listed companies like Teradata and Business-intelligence, and private ones like Starburst, Dataiku, Devo and Neo4j.

Public and private companies comparable to PingCAP
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TeradataUnited StatesUnited StatesPublicly listed$1.7B$285M$2.7B1.5x
StarburstUnited StatesBoston, MAPrivate$100M-$3.4B-
DataikuUnited StatesNew York City, NYPrivate$150M-$3.7B24.7x
Business-intelligenceChinaChinaPublicly listed$389M$54M$2B5.9x
DevoUnited StatesUnited StatesPrivate--$2B-
Neo4jSwedenMalmoPrivate$200M-$2B10.0x

PingCAP Public Comps

PingCAP is still privately-owned, but its public comps include Teradata, Dameng Database, Shanghai DZH, Geovis, Sportradar, Karooooo, DoubleVerify, Business-intelligence, Innodata and Planisware.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teradata$1.7B$285M1.4x1.5x8.4x5.3x
Dameng Database$195M$84M15.3x12.5x35.5x27.6x
Shanghai DZH$123M($545K)18.1x-(4082.3x)-
Geovis$399M$44M9.8x8.4x87.8x-
Sportradar$1.5B$613M2.3x2.1x5.6x8.7x
Karooooo$337M$148M6.3x5.7x14.3x13.8x
DoubleVerify$748M$136M2.7x2.5x14.6x7.4x
Business-intelligence$389M$54M6.6x5.9x47.7x-

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Common questions about PingCAP

When was PingCAP founded?PingCAP was founded in 2015.
Where is PingCAP headquartered?PingCAP is headquartered in San Francisco, CA, United States.
Is PingCAP publicly listed?No, PingCAP is a private, VC-backed company.
What is PingCAP's valuation?PingCAP was last valued at $3B in its Series D in May 2021.
How much funding has PingCAP raised?PingCAP has raised $642M across 6 funding rounds.
What was PingCAP's last funding round?PingCAP's last funding round was a $300M Series D in May 2021, led by GGV Capital and Sequoia Capital.
Who are PingCAP's investors?PingCAP's investors include Matrix Partners China, Yunqi Partners, China Growth Capital, 5Y Capital, GGV Capital, Coatue, Frees Fund, Access Technology Ventures, Trustbridge Partners, FutureX Capital and 11 others.
Which companies are comparable to PingCAP?Companies comparable to PingCAP include Teradata, Starburst, Dataiku, Business-intelligence, Devo and Neo4j.

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