Israeli Cyber Firm Modelio Raises $17 Million for Confidential Cloud
Translated & summarized from Calcalist by baba
Israeli cybersecurity firm Modelio has raised approximately $17 million in a funding round led by OlivTree to advance its confidential cloud platform. The company's technology allows organizations to use cloud and AI services while retaining control over sensitive data and encryption keys. Founded in 2024 by individuals with defense and tech backgrounds, Modelio aims to provide cryptographic proof of data protection, even when processed by third-party clouds or AI systems.
The story in 5 lines · by baba
- Cybersecurity firm Modelio raised $17 million to develop its confidential cloud platform.
- The platform allows organizations to use cloud and AI services while controlling data and encryption keys.
- Modelio's technology uses Confidential Computing to protect data during processing.
- The solution is aimed at organizations with strict security and data sovereignty needs.
- The company was founded in 2024 by individuals with defense and tech expertise.
Israeli cybersecurity company Modelio has secured approximately $17 million in a funding round led by the American fund OlivTree, with participation from Seth Marin, David Phelps, and other investors. The funds will be used to accelerate research and development of the company's confidential cloud platform and to expand its commercial operations in international markets.
Founded in 2024, Modelio employs 30 people and has operated on founder funding until this round. The company is developing a "Sovereign Confidential Cloud" platform designed to allow organizations to utilize cloud services, managed services, and AI while maintaining control over their data and encryption keys. This technology is based on Confidential Computing, which protects data even during processing, not just during storage or transmission.
According to Modelio, this enables organizations to run services on external cloud providers' infrastructure without granting them access to the client's data content or encryption keys. The solution targets organizations with stringent security and data sovereignty requirements, including defense bodies, governments, banks, healthcare institutions, and critical infrastructure operators.
Co-founder and CEO Benny Meir stated that the company aims to change the relationship between organizations and their technology providers. "We are not asking the customer to trust that their data is protected; we are giving them the tools to prove it cryptographically, even when the data is being processed in someone else's cloud and even when AI systems are operating on it," Meir explained. He emphasized the need for updated security concepts in light of AI's growing capabilities.
Modelio's technology is supported by over 20 patents and patent applications. The platform is designed to support various services, including databases, storage, communication systems, email, video, and AI systems. The company also noted potential future applications in physical computing environments like robotics, autonomous vehicles, and industrial systems. The company was founded after the October 7th events by three individuals with backgrounds in defense systems, encryption, and computing infrastructure.