Hazelcast provides a cloud-native in-memory computing platform that delivers low-latency data processing and fast application performance at massive scale. Led by CEO Kelly Herrell, the platform powers applications that use stored and streaming data, including AI/ML workloads. Its offerings include an in-memory data store and event stream processing software packaged for cloud-native deployments. Hazelcast cites customers such as JPMorgan Chase, Charter Communications, Ellie Mae, UBS and National Australia Bank. The company is partnering on a co-engineering initiative with Intel and has a reselling agreement through IBM. It plans to use new capital to accelerate support for enterprise cloud, edge and machine learning initiatives and to expand its global footprint across financial services, telecommunications, e-commerce and other industries. Hazelcast provides an in-memory computing platform it calls the System of Now, designed to process stored and streaming data at very low latency for mission-critical, time-sensitive applications. Its core product began as an in-memory data grid (IMDG) and the company has since added Hazelcast Cloud, a managed service, and Hazelcast Jet, an event stream processing engine. Hazelcast targets Global 2000 customers across finance, telecom and other industries and lists clients such as J.P. Morgan Chase, UBS, Charter Communications, Ellie Mae and National Australia Bank. The company reports annual recurring revenue (ARR) growth of 300 percent over the past three years. With this funding Hazelcast plans to accelerate its product roadmap and bolster go-to-market capabilities, including strategic partnering. Hazelcast builds an open-source, Java-based in-memory data grid used as a fast key-value store. The software serves data from server memory and is pitched for low-latency use cases such as event processing, risk detection, and payment processing. The company offers commercial support and recently released Hazelcast Enterprise, which adds extra security features, WAN replication, and C# and C++ clients. Hazelcast cites benchmarks showing performance advantages over Apache Cassandra to attract developers and customers. The company plans to expand beyond pure support work by hiring more staff to strengthen support and to push enterprise sales. Hazelcast was founded in 2008, is based in Palo Alto, employs 35 people today, expects 50+ within a year, and counts customers including Apple, AT&T, Atlassian, Cisco, and Ericsson. Hazelcast provides a drop-in Java library that lets applications dynamically cluster and expose a single system view, enabling developers to build in-memory applications quickly. The product aims to commoditize the in-memory grid space and replace expensive legacy offerings such as Oracle Coherence, Gigaspaces and VMware GemFire. The company is open source and is being downloaded at roughly 70,000 instances per month. Early customers at launch included Mozillo and Cisco, and the customer base has grown to include some of the largest financial firms. Java experts have joined to help sales and marketing, while the founders relocated to Palo Alto; the majority of the developers remain in Turkey. Hazelcast launched in April 2012 and emphasizes an enterprise-focused, open-source approach to scaling Java applications.

Total raised

$85M

Funding rounds

5

Latest round

Series D

Latest activity

Feb 2020