Israeli cloud data management for mainframes company Model9 announced today that it has raised $9 million in a Series A financing round led by Intel Capital with participation from existing investors StageOne, North First Ventures and Glenrock Israel.
Global 2000 enterprises that rely on mainframe technology can now back up their business-critical data in the cloud, and derive the benefits from hybrid cloud technologies and economics.
The funds will be used to fuel global expansion and to further enhance Model9’s technology and product offerings, which have been successfully implemented by some of the world's leading financial services institutes, government agencies and transportation companies.
Model9 CEO Gil Peleg said, "We help large enterprises accelerate their implementation of hybrid cloud and reduce the cost and complexity of their mainframe infrastructure, leveraging modern skills. The company has been enjoying a positive momentum with sales increasing 300% in the last quarter and a long list of prospects."
"Mainframes store 70% of the world’s business data" says Anthony Lin, Vice President and Senior Managing Director at Intel Capital. "We identified Model9 as having a first mover edge with a software only solution to extract and load mainframe data from the mainframe to any cloud or to any on-prem storage through a standard TCP/IP protocol. This ability opens up a variety of DR, Archive and Storage use cases, scaling to thousands of companies from the financial and public sectors, among others. Furthermore, Model9’s solution enables conversion of mainframe-compatible file formats to object storage, thus allowing the company’s customers to utilize the latest business analytics, big data and AI solutions to gain insights from previously untapped data sets."
Published by Globes, Israel business news - en.globes.co.il - on February 12, 2020
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