Israeli startup Model9 has announced that it has raised $9 million in its Series A funding round. The funding round was led by Intel capital. The existing investors StageOne, North First Ventures, and Glenrock Israel also participated in the round.
The funds will be mobilized by the Tel Aviv-based company to expand and enhance its technology and product offerings. World’s leading financial services institutes, government agencies, and transportation companies use Model9’s cloud data management offerings.
“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 a positive momentum with sales increasing 300% in the last quarter and a long list of prospects.”
Mainframes are very important in today’s world as they store roughly 70% of the world’s business data. Model9’s solution helps in the conversion of mainframe-compatible file formats to object storage. This allows its clients to leverage the power of business analytics, big data and AI solutions to gain insights from untapped data sets. This was the main reason that the company was able to attract a big name such as Intel Capital to invest in its technology.
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