US-based database software producer Hazelcast has received $21.5m in funding from backers that included financial services firm Capital One’s corporate venture capital vehicle, Capital One Ventures.
C5 Capital led the round, which also featured fellow VC firm Earlybird Venture Capital and Bain Capital Ventures, private equity firm Bain Capital’s VC arm. Marcos Battisti, managing partner at C5 Capital, has joined Hazelcast’s board of directors in conjunction with the round.
Founded in 2012, Hazelcast has created an in-memory data grid that helps customers modernise or build new applications by improving the processes of storing and streaming data.
In addition to funding product development, proceeds from the round will be used to form additional strategic partnerships.
Earlybird Venture Capital previously led an $11m round for the company in 2014, participating alongside Bain Capital Ventures and private investors Ali Kutay and Rod Johnson. Hazelcast had raised $2.5m in a series A round featuring Bain Capital and Kutay a year earlier.