[OceanBase, Backed by Jack Ma, Seeks to Raise 2 to 3 Billion RMB to Expand AI Database Business] BlockBeats News, July 29: According to Bloomberg, sources revealed that OceanBase, a distributed database company under Ant Group and backed by Jack Ma, is seeking to raise funds through a Series A financing round, aiming to secure approximately 2 to 3 billion RMB. The funding will help the company operate more independently and support its expansion into the artificial intelligence database services sector. The report states that OceanBase was developed in 2010 to meet Ant Group's internal database needs and is now enhancing its AI analytics capabilities, particularly in handling unstructured data such as video. Sources indicated that the company's recurring revenue exceeded $200 million in 2026, reflecting a 70% year-on-year growth. OceanBase is also expanding into markets in Southeast Asia, Japan, India, and Latin America, following a development path similar to Databricks. According to IDC data, OceanBase is projected to rank first in China's distributed database market share by 2025. Currently, the company is competing with firms like Huawei and Tencent and has established an independent board of directors and an employee equity incentive plan in 2024, preparing for a potential spin-off from Ant Group in the future. [Original Link]