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Model9 raises $9M in funding led by Intel Capital

Model9, a firm that provides data management for mainframe computers, has raised $9 million in Series A funding, led by Intel Capital, with participation from StageOne, NorthFirst Ventures and GlenRock Israel. 

The funding will be used to accelerate the company’s data management and business intelligence technology, which is used by many of the world’s leading financial institutions, 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," Gil Peleg, founder and CEO of Mainframe, said in a company release. 

The company’s technology is used to transmit information to the cloud or on-premise storage from mainframe systems, eliminating tape or virtual tape. Banks can use the technology for example to improve data backup and disaster recovery. 

Data from IBM shows that 92 of the world’s top 100 banks, insurance firms, retailers and other companies use mainframes, which are used to process 29 million ATM transactions per year. 

Topics: Mobile Banking, Security, Venture Capital

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