Hazelcast Achieves Record Year with Leading Brands Choosing Its Platform for Application Modernization, AI Initiatives
PALO ALTO, Calif., Feb. 22, 2024 -- Hazelcast today announced record results for 2023. In a year where business slowed for most SaaS vendors, strong new adoption of Hazelcast drove revenue up 32%. In addition, net dollar retention was 120%, driven by expansions across over half of existing customers. This performance sets Hazelcast up for an even stronger 2024, including being cash flow-positive in the first half of the year.
With market-leading technology and rapid enterprise growth in real-time and AI applications, Hazelcast is well-positioned to help companies simplify and accelerate application modernization and innovation at a lower total cost of ownership (TCO). More recently, Hazelcast earned broad industry recognition from analysts, including Forrester, as a leader in the emerging unified real-time data processing category. Analysts identified Hazelcast’s strengths in data enrichment, resilience, and throughput, which are critical to enterprise AI efforts.
“The world’s most demanding enterprises trust Hazelcast because they require exceptional infrastructure resilience and performance at a lower total cost of ownership, all hallmark traits of our unified real-time data platform,” said Kelly Herrell, Hazelcast CEO. “Through our close relationships with these customers and an accelerated roadmap, Hazelcast is in an enviable position of self-sustained growth this year and onward, as workloads rapidly include a variety of AI functionality.”
Today, customers such as HSBC, JPMorgan Chase, Volvo, New York Life, Target, and Domino’s use the Hazelcast Platform – often in the form of AI/ML deployments – for their real-time applications, such as fraud detection, cross-border payments, trade monitoring, in-game betting, IoT edge computing, customer 360, and real-time offers. Customer results include boosting conversion rates by 400% through personalized offers in the moment of need, avoiding losses of $100 million with improved fraud detection, reducing operational costs by 30%, and processing more than 100,000 transactions per second.
Category Creator
Hazelcast Platform is unlike other streaming data platforms because its “strategic innovation lies in also providing an extremely low-latency transactional platform. Creating durable transactions in the same platform as streaming analytics and processing enables enterprises to take instant actions on streaming data without leaving the platform. The result: the lowest possible latency. Hazelcast has done yeoman’s work in bringing these capabilities together in one platform,” wrote Mike Gualtieri, Forrester VP and principal analyst, per the Forrester Wave Streaming Data Platforms report.
"Don't think of the Hazelcast Platform as just a cache for storing and reading data,” said Michael Goldverg, Managing Director and Distinguished Engineer at BNY Mellon. “It's a high-performance distributed storage and compute platform for ultra-fast data processing. You can use it to reduce processing time from minutes to milliseconds. Instead of retrieving then computing the data, you can push the processing where the data resides. We are further optimizing data processing by analyzing streaming data, from multiple sources, including Kafka, before it is stored instead of processing in batches."
Lowering Total Cost of Ownership
Leveraging a unified data processing architecture enables enterprises to realize more value from infrastructure investments while gaining greater efficiencies and scale. Rather than ripping and replacing existing infrastructure, the Hazelcast Platform fits within the existing stack to enable ultra-fast storage and compute. It quickly and easily connects to popular data sources, including databases, data lakes, streaming data, and traditional message buses to accelerate time-to-market for next-generation applications and platforms while lowering the TCO.
Underpinning AI Applications
Nearly one-third of executives surveyed by Deloitte identify data-related challenges among the top three concerns hampering their company’s AI initiative. To effectively implement AI, organizations require a modern, robust data infrastructure. Organizations that can fuel AI with data and computing power can turn their investment into both value and profits.
Large language models (LLMs) are the foundation of modern AI applications. To overcome LLM limitations, applications must be enriched with historical and real-time contextual data. Hazelcast is well-positioned to accelerate its growth trajectory because its unified platform enables enterprises to provide enriched, real-time contextual data for LLM-powered applications and ensure the delivery of accurate, up-to-date, and personalized outputs through AI applications.
“As enterprises push hard to develop AI solutions, we make it easier for them to do so smoothly and successfully while minimizing the impact on budget and people resources,” said Adrian Soars, Hazelcast CTO. “Hazelcast is built to meet the needs of the world’s largest customers and now we are there to help power their AI initiatives and LLMs, all at a low TCO.”
For more on what makes Hazelcast so impactful, hear from BNY Mellon on how its use of the Hazelcast Platform enabled it to shift data processing speeds from minutes to milliseconds.
About Hazelcast
The world’s leading companies trust Hazelcast and its unified real-time data platform to take instant action on all data. The platform uniquely combines a distributed compute engine and a fast data store into a single runtime to process both streaming and batch data to enable instant and intelligent action. Customers such as HSBC, JPMorgan Chase, Volvo, New York Life, Target, and Domino’s use Hazelcast to underpin their business-critical and real-time applications, such as fraud detection, payments, trade monitoring, in-game betting, IoT edge computing, customer 360, real-time offers, and AI/ML deployments.
Source: Hazelcast
