Hazelcast, an open source in-memory computing platform that improves application performance at scale, has announced an additional $28.5 million in funding, bringing its total Series D round to $50 million. Hazelcast raised an initial $21.5 million in Series D funding in June but, given the interest from the investor community, the company said, it expanded the round.
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.
“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.”
By powering applications that use stored and streaming data, including ones leveraging AI/ML, Hazelcast says, its platform gives customers a foundation upon which to build key elements of their future competitiveness.
Hazelcast says it plans to use the additional capital to further accelerate its 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 support its services for customers in the financial services, telecommunications, e-commerce and other key industries.
To learn more about Hazelcast, visit https://hazelcast.com.