Hazelcast raises additional $50M in Series D funding to meet growing demands for in-memory computing
We live in a digital world where microseconds matter. That’s why the world’s largest organizations are turning to this obscure startup to power their time-sensitive applications at scale. Hazelcast is a San Mateo, CA-based startup and a provider of an open-source in-memory computing platform used for caching, stream processing, and microservices.
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.
Today, Hazelcast announced it has raised additional $50 Million in Series D funding to further accelerate its expanding roadmap for supporting enterprise cloud, edge and machine learning initiatives. Investors include the European Bank for Reconstruction and Development (EBRD), the German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), C5 Capital, Bain Capital Ventures, Earlybird Venture Capital, and others.
Founded in 2008 by Enes Akar, Fuad Malikov, Mehmet Dogan, and Talip Ozturk, Hazelcast is a provider of an open-source in-memory computing platform used for caching, stream processing, and microservices. It aims to address the growing demand for enhanced application performance, data processing speed, and scalability.
Hazelcast’s in-memory computing platform is comprised of two core products, the Hazelcast IMDG and Jet. Hazelcast IMDG is an in-memory data grid that provides high availability and scalability by distributing data across multiple nodes. Hazelcast Jet is an ultra-fast, application embeddable, stream and batch processing engine capable of supporting real-time streaming data. The company also offers Hazelcast Cloud, a fully managed, low latency data layer for cloud-based workloads at any scale.
Built for low-latency data processing, Hazelcast’s cloud-native in-memory data store and event stream processing software technologies are used by leading companies such as JPMorgan Chase, Charter Communications, Ellie Mae, UBS and National Australia Bank to accelerate data-centric applications. Hazelcast’s customers include 50 of the largest financial institutions, seven of the top telecommunications providers and six of the biggest e-commerce retailers.
“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.”
Commenting on the funding, Zoltan Hopka, EBRD Venture Capital Investment Programme, said: “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.”