GraalVM is a universal virtual machine that allows applications written in Java and other languages like JavaScript, Python, Ruby, and R to be compiled into self-contained binaries. This improves performance by reducing startup time and memory usage compared to the traditional JVM. The main features of GraalVM include a modern compiler that converts bytecode into native images, polyglot interoperability between multiple languages, and the ability to implement custom languages. While Scala Native is a competitor that focuses on optimizing Scala code ahead of time, GraalVM supports a wider range of languages and has a larger community behind it.