In-Memory Computing Company Hazelcast Secures $21.5 Million

By Amit Chowdhry • Jun 24, 2019
  • Leading in-memory computing platform Hazelcast announced it closed $21.5 million in funding led by new investor C5 Capital

Hazelcast, a leading in-memory computing platform, announced it closed $21.5 million in funding led by new investor C5 Capital. Existing investors Bain Capital Ventures, Earlybird Venture Capital and Capital One Growth Ventures also participated in this round. With this funding round, Hazelcast plans to accelerate its product roadmap and bolster go-to-market capabilities such as strategic partnering.

Data-centric companies complement their systems of record like databases by creating a System of Now that operates in near real-time to accelerate applications like online stores, fraud detection, online trading, and other customer-facing use cases.

“From the cloud to the internet of things, the macro trends hitting today’s enterprises require a new approach to data processing for meeting the time-sensitive demands of data-centric applications,” said Hazelcast CEO Kelly Herrell. “Hazelcast enables its customers to establish a System of Now through its platform that scales linearly and delivers the industry’s fastest processing for stored and streaming data, leaving competitive offerings far behind as data sizes and processing loads grow.”

Hazelcast is known for delivering the System of Now, which is an in-memory computing platform that enables Global 2000 enterprises to deliver innovative and low-latency data-centric applications. A System of Now is essentially an ultra-fast processing architecture built for mission-critical applications where microseconds matter.

“We see massive potential in Hazelcast’s in-memory computing platform and are excited about the company’s aggressive growth trajectory. Hazelcast is going after a multi-billion dollar opportunity, supported by the macro tailwinds of falling DRAM prices and the proliferation of data volume and sources,” added Bain Capital Ventures principal William Lehmann. “Many industry leaders in financial services, telco and tech already rely on Hazelcast’s IMDG product to address their critical latency-sensitive use cases; we look forward to seeing accelerated adoption of Hazelcast’s Jet and Cloud products.”

Unlike disk-based designs used by systems of record, the System of Now uses in-memory computing to process data at tremendous speed and scale especially for new data-centric workloads.

Plus it is built for ultra-fast processing at extreme scale. And Hazelcast’s cloud-native in-memory data grid and event stream processing technologies are trusted by leading companies like JPMorgan Chase, Charter Communications, Ellie Mae, UBS, and National Australia Bank for accelerating business-critical applications. Hazelcast also saw its annual recurring revenue grow 300% in the past three years.

“The digital landscape has presented a number of challenges for enterprises and we are confident that Hazelcast is the answer to many of them, particularly those where time is of the utmost importance,” explained Earlybird Venture Capital co-founder and partner Roland Manger. “We believe in-memory computing is just entering the mainstream and Hazelcast’s superior speed at enormous scale place it ahead of the competition in providing the necessary solutions.”

In conjunction with this funding round, C5 Capital managing partner Marcos Battisti is joining Hazelcast’s board of directors.

“Hazelcast is a true leader in a rapidly emerging new market dynamic,” added Battisti. “With an incredibly impressive customer list and its advanced in-memory computing architecture, Hazelcast will continue to gain recognition as the world’s largest organizations evolve their business applications to take advantage of the in-memory computing era.”

Recently, Hazelcast introduced two new products including Hazelcast Cloud and Hazelcast Jet. Hazelcast Cloud is a managed service and Hazelcast Jet is the industry’s fastest event stream processing engine.

“As enterprises move applications and workloads to the cloud, performance is becoming a key focus area to maintain and improve business service level agreements,” noted Capital One Growth Ventures partner Venkatesh Seetharam. “Hazelcast has a proven history of delivering extremely fast performance for time-sensitive, cloud-native applications and we firmly believe the company has the right strategy and roadmap to support the world’s most demanding companies.”