Cloud-native in-memory computing platform expands funding
Hazelcast’s in-memory computing platform is offered as the only software system capable of ultra-fast performance at massive scale in a simplified, cloud-native package. With macro trends like AI, ML, and edge computing all requiring instantaneous application response times, says the company, 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,” says 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 company’s platform can power any application that uses stored and streaming data, including ones leveraging AI/ML. Whether delivered from the data center, major clouds, or at the edge for 5G and IoT applications, says the company, its unique technology capabilities enable previously unthinkable applications.
The additional capital from the funding round will be used to further accelerate the company’s expanding roadmap for supporting enterprise cloud, edge, and machine learning initiatives, including a previously announced co-engineering initiative with Intel and a reselling agreement through IBM. The company says it will also expand its global footprint to better serve its customers in the financial services, telecommunications, e-commerce, and other key industries.
Investors in the latest round included 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), which were joined by C5 Capital, Bain Capital Ventures, Earlybird Venture Capital, and Capital One Growth Ventures, while Comerica Bank provided a growth debt facility.
Zoltan Hopka, EBRD Venture Capital Investment Programme says, “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.”