US-based in-memory software provider Hazelcast increased a series D round featuring financial services firm Capital One’s strategic investment arm, Capital One Growth Ventures, to $50m on Tuesday.
The unit had taken part in the $21.5m first close of the round in June 2019 alongside C5 Capital, Bain Capital Ventures and Earlybird Venture Capital.
The round was extended by development bank KfW’s Deutsche Investitions – und Entwicklungsgesellschaft vehicle and the European Bank for Reconstruction and Development’s Venture Capital Investment Programme. Debt was supplied by Comerica Bank.
Hazelcast has created a cloud-native in-memory computing platform that enables applications that make use of stored or streamed data to run at rapid speed on a very large scale.
Kelly Herrell, Hazelcast’s chief executive, said: “The world’s largest and leading enterprises are leveraging in-memory computing to power a new breed of business-critical applications.
“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.”
Bain Capital led the company’s $2.5m series A round in 2013, participating alongside angel investors including Ali Kutay and unnamed existing backers. Bain Capital and Kutay joined Earlybird Venture Capital and Rod Johnson to provide $11m in series B funding the next year.
