Model9, a pioneer of cloud data management for mainframes, has raised $9 million in Series A funding – to accelerate market adoption of its “groundbreaking” data management and business intelligence solutions.
Mainframes are used as the core computing platform of the world’s largest and most critical businesses. According to IBM, 92 of the world’s top 100 banks, leading insurance carriers and many retail, healthcare and government organizations would rely on mainframes.
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 round was led by Intel Capital with participation from existing investors StageOne, North First Ventures and GlenRock Israel. 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.
“We help large enterprises accelerate their implementation of hybrid cloud and reduce the cost and complexity of their mainframe infrastructure, leveraging modern skills,” said Gil Peleg, founder and CEO of Model9. “The company has been enjoying positive momentum with sales increasing 300 percent in the last quarter and a long list of prospects.”
Model9 modernizes mainframe data management and business intelligence in large enterprises and helps them accelerate the adoption of hybrid cloud technologies and benefit from cloud economics. Model9’s patented technology delivers mainframe data to any cloud or on-premise storage platform, eliminating tape and virtual tape, and enabling secure integration with advanced analytics tools.
Model9 is trusted by the world’s leading financial institutions, government agencies and transportation companies. It is a graduate of the IBM AlphaZone startup program as well as an AWS Advanced Technology Partner.
“Mainframes store 70 percent of the world’s business data,” said 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.”
Intel Capital invests in innovative start-ups targeting artificial intelligence (AI), autonomous technology, data center and cloud, 5G, next-generation compute, and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.4 billion in 1,560 companies worldwide, and 670 portfolio companies have gone public or participated in a merger or acquisition.