Hazelcast, a seven-year-old Palo Alto, California-based startup developing a speedy in-memory computing platform, today announced that it’s raised $21 million in series C financing led by new investor C5 Capital, with contributions from Bain Capital Ventures, Earlybird Venture Capital, and Capital One Growth Ventures. This latest round brings the company’s total raised to $37.6 million, following a year in which dozens of new customers signed on and revenue grew by nearly 50% annually.
CEO Kelly Herrell says the fresh capital will accelerate product development and bolster Hazelcast’s go-to-market capabilities. “From cloud to the internet of things, the macro trends hitting today’s enterprises require a new approach to data processing to meet the time-sensitive demands of data-centric applications,” he added. “The Hazelcast platform delivers the industry’s fastest processing for stored and streaming data and scales linearly, leaving competitive offerings far behind as data sizes and processing loads grow.”
Hazelcast — the brainchild of Enes Akar, Fuad Malikov, and Talip Ozturk — says its distributed architecture and high-speed event processing product suite, which it pitches as a complement to existing systems of record such as databases, provides redundancy for time-sensitive services like payment processing and fraud detection. Toward that end, its in-memory data grid technology (IMDG) provides a low-latency layer that resides in random access memory (RAM) as opposed to a hard drive or database, enabling apps to store up to terabytes of data that can be distributed among nodes in a network or cloud environment. Hazelcast claims that the response time for complex transactions is often cut down from minutes to sub-milliseconds.
IMDG confers the added advantage of multi-cluster synchronization across datacenters, plus a streamlined upgrade process that minimizes (or even eliminates) service interruptions. Meanwhile, IMDG’s Hot Restart Store feature allows full recovery to previous configuration states in the event of an unexpected shutdown.
Hazelcast’s ancillary Jet offering is a stream processing framework built on the foundation of IMDG. Concretely, it’s a fully app-embeddable and distributed computing soluti