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Hazelcast, a seven-year-old Palo Alto, California-based startup developing a speedy in-memory computing platform, today announced that it’s raised $21 million in series C financing led by new investor C5 Capital, with contributions from Bain Capital Ventures, Earlybird Venture Capital, and Capital One Growth Ventures. This latest round brings the company’s total raised to $37.6 million, following a year in which dozens of new customers signed on and revenue grew by nearly 50% annually.

CEO Kelly Herrell says the fresh capital will accelerate product development and bolster Hazelcast’s go-to-market capabilities. “From cloud to the internet of things, the macro trends hitting today’s enterprises require a new approach to data processing to meet the time-sensitive demands of data-centric applications,” he added. “The Hazelcast platform delivers the industry’s fastest processing for stored and streaming data and scales linearly, leaving competitive offerings far behind as data sizes and processing loads grow.”

Hazelcast — the brainchild of Enes Akar, Fuad Malikov, and Talip Ozturk — says its distributed architecture and high-speed event processing product suite, which it pitches as a complement to existing systems of record such as databases, provides redundancy for time-sensitive services like payment processing and fraud detection. Toward that end, its in-memory data grid technology (IMDG) provides a low-latency layer that resides in random access memory (RAM) as opposed to a hard drive or database, enabling apps to store up to terabytes of data that can be distributed among nodes in a network or cloud environment. Hazelcast claims that the response time for complex transactions is often cut down from minutes to sub-milliseconds.

IMDG confers the added advantage of multi-cluster synchronization across datacenters, plus a streamlined upgrade process that minimizes (or even eliminates) service interruptions. Meanwhile, IMDG’s Hot Restart Store feature allows full recovery to previous configuration states in the event of an unexpected shutdown.

Hazelcast’s ancillary Jet offering is a stream processing framework built on the foundation of IMDG. Concretely, it’s a fully app-embeddable and distributed computing solution for big data set processing. Jet’s parallel streaming core engine lets data-intensive programs operate at near-real-time speed, Hazelcast claims, and provides stream, batch, and RPC processing tools along with a range of connectors to enable integration with data processing pipelines.

Lastly, there’s Hazelcast Cloud, a fully managed service that orchestrates, scales, and updates IMDG clusters. It’s supported both on multi-region public clouds like Amazon Web Services (and soon Microsoft’s Azure and Google Cloud Platform) and on-premises and hybrid clouds, and it includes a minimum of 200MB of memory and a production environment that plays nicely with programming languages including Java, Node.js, Python. Go, .NET, and C++.

It’s all managed from Hazelcast’s Management Center, a web-based user interface that provides an overview of all cluster activity and configurable watermarks for alerts.

“Hazelcast is a true leader in a rapidly emerging new market dynamic,” said C5 Capital managing partner Marcos Battisti, who plans to join the company’s board in the coming weeks. “With an incredibly impressive customer list and its advanced in-memory computing architecture, Hazelcast will continue to gain recognition as the world’s largest organizations evolve their business applications to take advantage of the in-memory computing era.”

Hazelcast’s customers include 24 of the world’s largest banks, eight of the largest retailers, and six of the largest telecoms, including recognizable brands like Ellie Mae, UBS, National Australia Bank, Charter, J.P. Morgan, T-Mobile Systems, TD Bank, Schneider Electric, Charter Communications, Navis, New York Life, Lloyds Banking Group, SleepIQ, Gamesys, and Peapod.

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