Jack Ma-backed OceanBase is seeking to raise between 2 billion and 3 billion yuan to expand its AI database business.

According to a Bloomberg report, people familiar with the matter have disclosed that OceanBase, the distributed database subsidiary of Jack Ma-backed Ant Group, is seeking to raise capital, with discussions ongoing for a Series A financing round targeting approximately 2 billion to 3 billion yuan. The funds will enable the firm to operate more independently and support its expansion into the artificial intelligence (AI) database services sector. OceanBase was developed in 2010 to fulfill Ant Group’s internal database requirements. It is currently enhancing its AI analytics capabilities and improving its ability to process unstructured data such as video. The sources noted that the company’s recurring revenue surpassed $200 million in 2026, marking a 70% year-over-year increase, and it is expanding into markets across Southeast Asia, Japan, India, and Latin America, following a development trajectory similar to that of Databricks. IDC data shows OceanBase held the top spot in China’s distributed database market by market share in 2025. The firm is currently competing with industry players including Huawei and Tencent. In 2024, it established an independent board of directors and an employee equity incentive plan, as part of preparations for a future spin-off from Ant Group.