- Hazelcast, a leading in-memory computing platform that delivers radically fast application performance at scale, announced it raised $50 million in Series D funding
Hazelcast ― a leading in-memory computing platform that delivers radically fast application performance at scale ― announced the expansion of its Series D round to $50 million due to over-subscribed interest from a number of global investment entities. The European Bank for Reconstruction and Development (EBRD) (via its Venture Capital Investment Programme) and the German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) join C5 Capital, Bain Capital Ventures, Earlybird Venture Capital, and Capital One Growth Ventures in this round. And Comerica Bank provided a growth debt facility.
According to recent research in collaboration with Intel, 58% of organizations now measure application latency in milliseconds or microseconds. And these same organizations see the greatest profit opportunity coming from accelerating the performance of cloud applications, machine learning, and artificial intelligence.
Plus macro trends like AI, ML and edge computing all requiring instantaneous application response times is causing the demand for a cloud-native in-memory computing platform to multiply.
“The world’s largest and leading enterprises are leveraging in-memory computing to power a new breed of business-critical applications,” said Kelly Herrell, CEO of Hazelcast. “Whether they are gaining their competitive advantage from real-time fraud detection, payment processing, risk analysis, predictive maintenance, connected cars or any application to better serve customers, the ultra-low latency delivered by Hazelcast is at the root of business success for these digitally-inspired applications.”
The Hazelcast in-memory computing platform is considered the only software system capable of ultra-fast performance at a massive scale in a simplified and cloud-native package. And by powering any application that uses stored and streaming data, including ones utilizing AI/ML, Hazelcast’s innovative platform gives the world’s largest customers a foundation upon which to build key elements of their future competitiveness regardless of whether it is delivered from the data center, major clouds, or at the edge for 5G, and IoT applications.
“Due to the transformative nature of edge computing and machine learning, new in-memory technologies are required and Hazelcast has a clear and compelling vision that applies to any enterprise that seeks to retain or advance its leadership. Hazelcast and its unified cloud-to-edge platform present powerful development opportunities on a global scale, which is in line with the type of venture opportunities EBRD seeks to support,” added Zoltan Hopka at EBRD Venture Capital Investment Programme.
With this funding round, it will further accelerate the company’s expanding roadmap for supporting enterprise cloud, edge, and machine learning initiatives, including the previously announced co-engineering initiative with Intel and the reselling agreement through IBM. And Hazelcast will also expand its global footprint to better serve its customers in the financial services, telecommunications, e-commerce, and other key industries.
“As evidenced by its industry-transformative roadmap, Hazelcast understands the future of the digital enterprise and the looming convergence of in-memory computing technologies required by modern data applications. As part of our strategic move into emerging markets technology-related investment themes, we’re proud to support Hazelcast and its intellectual backbone in our target geographies (e.g. Turkey and Ukraine) in advancing the digital capabilities of enterprises from cloud to edge,” explained Dr. Tilman Kruse, Head of Corporates & Funds for Europe, Middle East & Central Asia at DEG.