Fosun has co-led a $50m series C round for cloud-based database developer PingCap, which will use the money to drive global growth and technology development.

US-based distributed database developer PingCap raised $50m in a series C round yesterday co-led by diversified conglomerate Fosun and investment firm Morningside Venture Capital.

China Growth Capital, Yunqi Partners, Matrix Partners China, Frees Fund and K2VC also participated in the round.

Founded in 2015, PingCap has developed a cloud-native database technology, TiDB, that serves as a unified interface for enterprise users who would otherwise have to manage multiple databases. TiDB’s features include the ability to run real-time analytics.

The money…