Hazelcast, a start-up based in Palo Alto, California, closed a $21.5 million funding round for its in-memory computing platform/
Hazelcast said launched its in-memory data grid (IMDG) product to directly address the inherent limitations of databases in use cases where microseconds count, including payment processing, microservices, fraud detection and many more. More recently, Hazelcast introduced two new products: Hazelcast Cloud, a managed service, and Hazelcast Jet, the industry’s fastest event stream processing engine. The company was founded in 2012.
The funding was led by new investor C5 Capital, a UK-based venture capital firm focused on cybersecurity, data analytics and cloud computing. Existing investors Bain Capital Ventures, Earlybird Venture Capital and Capital One Growth Ventures also participated in the round.
“From the cloud to the internet of things, the macro trends hitting today’s enterprises require a new approach to data processing for meeting the time-sensitive demands of data-centric applications,” said Kelly Herrell, CEO of Hazelcast. “Hazelcast enables its customers to establish a System of Now through its platform that scales linearly and delivers the industry’s fastest processing for stored and streaming data, leaving competitive offerings far behind as data sizes and processing loads grow.”
