Hazelcast closes the expansion of its Series D funding round due to over-subscribed interest from investment entities located all over the globe.
FREMONT, CA: Hazelcast, A company that delivers radically fast application performance at scale with a leading in-memory platform, closes its Series D round of financing due to over-subscribed interest from venture capital investors all over the globe. The European Bank for Reconstruction (EBRD), through its venture capital investment program, the German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) and C5 Capital, Bain Capital Ventures, Earlybird Venture Capital, and Capital One Growth Ventures participated in the investment round along with Comerica Bank, which provided the growth debt facility.
A bright light has been shed on the importance of eliminating application latency by digitization. A recent collaboration between Research1 and Intel reported that more than 58 percent of the organizations at present measure the application latency in milliseconds or microseconds. The very same organizations have gotten the most exceptional profit opportunities coming at them from the acceleration in the performance of the cloud applications, ML, and AI. Several macro trends like AI, ML, and Edge computing all require instantaneous application response times along with the multiplication of the demand for a cloud-native in-memory computing platform.
"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 serve customers better, the ultra-low latency delivered by Hazelcast is at the root of business success for these digitally-inspired applications."
Hazelcast's in-memory computing platform is a one of a kind software system capable of ultra-fast performance at massive scale in the most basic, cloud-native package. Hazelcast's platform gives the customers a sound foundation on which key elements can be built for their future competitiveness. It works by simplification, the platform powers any application that utilizes stored data and streaming data, including those that leverage AI/ML. The company's innovative platform enables unique capabilities that were previously unthinkable even it is delivered from a data center, major clouds, or at the edge with 5G and IoT applications.
The additional capital will extend the company's reach by inlaying the roadmap that supports enterprise cloud, edge, and ML initiatives, including the previously launched co-engineering initiative with Intel and the agreement for reselling through IBM. Hazelcast will also apply efforts to expand its global footprint to enhance its customer service in the fields of telecommunications, financial services, e-commerce, and other key industries.