Hazelcast Expands Series D Funding, Raises $50M to Support Demand for In-Memory Computing Platform
SAN MATEO, Calif., Feb. 11, 2020 – Hazelcast, the leading in-memory computing platform that delivers radically fast application performance at scale, today announced the expansion of its Series D round due to over-subscribed interest from 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, while Comerica Bank has provided a growth debt facility.
Digitization has cast a bright light on the criticality of eliminating application latency. According to recent research1 in collaboration with Intel, 58% of organizations now measure application latency in milliseconds or microseconds. These same organizations see the greatest profit opportunity coming from accelerating the performance of cloud applications, machine learning (ML) and artificial intelligence (AI). With macro trends like AI, ML and edge computing all requiring instantaneous application response times, the demand for a cloud-native in-memory computing platform is multiplying.
“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 the only software system capable of ultra-fast performance at massive scale in a simplified, cloud-native package. By powering any application that uses stored and streaming data, including ones leveraging AI/ML, Hazelcast’s innovative platform gives the world’s largest customers a sound foundation upon which to build key elements of their future competitiveness. Whether delivered from the data center, major clouds, or at the edge for 5G and IoT applications, Hazelcast’s unique technology capabilities enable previously unthinkable applications.
The additional capital 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. Hazelcast will also expand its global footprint to better serve its customers in the financial services, telecommunications, e-commerce and other key industries.
“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," said Zoltan Hopka, EBRD Venture Capital Investment Programme. 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.”
“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," said Dr. Tilman Kruse, Head of Corporates & Funds for Europe, Middle East & Central Asia, DEG. 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.”
(1) “Infinity Data” by Hazelcast and Intel, November 2019
About Hazelcast, Inc.
Hazelcast delivers the in-memory computing platform that empowers Global 2000 enterprises to achieve ultra-fast application performance – at any scale. Built for low-latency data processing, Hazelcast’s cloud-native in-memory data store and event stream processing software technologies are trusted by leading companies such as JPMorgan Chase, Charter Communications, Ellie Mae, UBS and National Australia Bank to accelerate data-centric applications.
Source: Hazelcast, Inc.