Hazelcast, which operates an in-memory computing platform that provides super fast application performance at scale, announced it has expanded it’s previously launched Series D funding round.
The San Mateo, California company expanded the round due to over-subscribed interest from several worldwide investors. Among the new investors are the European Bank of Reconstruction and Development, Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), C5 Capital, Capital One Growth Ventures, Bain Capital Ventures, Earlybird Venture Captial and Comerica Bank, which provided a growth debt facility.
Hazelcast hopes to use digital solutions to eliminate application latency. Taking advantage of macro trends like artificial intelligence, machine learning and edge computing, which all require instantaneous application response times, the company is hoping to boost the demand for cloud-native in-memory computing.
“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, in a statement “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.”
Hazelcast’s new capital will further accelerate its 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 also plans to expand its global footprint to better serve its customers in the financial services, telecommunications, e-commerce and other key industries.