Hazelcast, an open source data distribution platform, announced that it has raised a $11M funding in Series B led by Earlybird Venture Capital, and existing investors that include Bain Capital Ventures and angel investor Ali Kutay. It’s the fourth investment of Earlybird’s Digital East Fund which is currently at $135m in total commitments.
Founded in Istanbul and moved to Palo Alto in late 2013, Hazelcast has grown to be the leading open source In-Memory Data Grid and up-and-coming NoSQL technology provider in the world.
“Hazelcast is both the leading open source IMDG and the up-and-coming NoSQL key value store.” said Talip Ozturk, founder and CTO of Hazelcast “This is because developers love to get instant cloud-scale elastic in-memory computing through a small, open source, easy to use, pluggable library.”
“Over the last three years, we have seen Hazelcast make significant progress on its path from an open source in-memory data grid project to a full-featured enterprise-class in-memory computing company.” said Roland Manger, Earlybird Partner and Hazelcast’s newest Board member. “Today Hazelcast already provides a superior NoSQL solution, and is about to release a unique large scale caching product. We are confident that they will continue to lead this emerging multi-billion dollar industry as Enterprise In-Memory Computing goes mainstream.”
Earlybird backs European companies with global ambitions, with over 900 million in funds committed to almost 100 companies so far. Their active portfolio currently includes 32 companies that operate in consumer Internet and enterprise services space.