In-memory Computing Platform Hazelcast Raises $28.5m
- Retail Banking
- 12.02.2020 08:01 am
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.