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Host (Ben Murray):
Greetings, everyone. I’m excited to welcome Pete Foley, CEO and co-founder at ModelOp. Pete, welcome to the show.
Pete Foley:
Thanks, Ben. It's nice to be here.
Host:
Great to have you here. Let's dive right in. Tell us a little bit about your background.
Pete Foley:
I've been a long-time serial entrepreneur. This is my fourth company, all focused on business-to-business software, especially in the enterprise space. My background spans network companies, and now, my latest venture with ModelOp focuses on artificial intelligence, one of the most exciting markets today.
Host:
I noticed from your LinkedIn that you've had several roles as a founder and CEO. Is your background more on the commercial or the tech side?
Pete Foley:
I'm definitely more on the commercial side—operations, sales, and go-to-market. I've always partnered with a strong technology team. My excitement comes from bringing innovative ideas to market and positioning them within emerging sectors. As you can see from my history, I love early-stage markets and new technologies.
Host:
It sounds like you enjoy building and growing companies. What’s been your experience with your past ventures—did they result in exits, or were there challenges along the way?
Pete Foley:
I've been fortunate to have good outcomes. For example, one of my companies, Infoblox, had an IPO in 2012. I had already left by then, having grown it in the early stages before handing it over to a management team. Another company focused on security saw a successful acquisition. In all these ventures, I've focused on emerging markets and innovative products.
Host:
That’s impressive. Let's transition to ModelOp. What products and services do you offer?
Pete Foley:
ModelOp offers an enterprise software platform for AI governance and orchestration. We help organizations manage their AI models—whether it’s analytics, machine learning, or AI—ensuring they operate within governance requirements and meet performance expectations.
Host:
So, your product focuses not just on regulatory compliance but also on operational efficiency for AI models?
Pete Foley:
Exactly. Our platform provides the infrastructure to implement AI safely, ensuring it adheres to both external regulations and internal performance standards. There’s a lot of demand for AI across all business units, but as companies adopt AI, they need to ensure it’s governed appropriately to avoid risks like bias or compliance issues.
Host:
Are there specific industries you're targeting with your platform?
Pete Foley:
While AI interest spans all industries, heavily regulated ones like financial services and healthcare are key verticals for us. These industries face complex regulatory requirements, both at the state and global levels. But we also see interest from industries like manufacturing and consumer goods, where AI optimization can have a huge impact, such as saving millions on advertising spend.
Host:
Within these industries, who are you targeting? Is it the CTO, or is there a newer role emerging?
Pete Foley:
We’re seeing the emergence of roles like Chief AI Officer in large organizations. However, AI governance involves multiple stakeholders—CIOs, CTOs, CFOs, Chief Risk Officers, and Chief Data Officers—all of whom play a part in ensuring AI is implemented safely and effectively.
Host:
What year did you found ModelOp?
Pete Foley:
We launched ModelOp in 2020, during the pandemic, with our Series A funding. That timing forced us to be strategic, and it set us up well for the rise of AI.
Host:
Has the recent AI hype, especially around large language models, had a significant impact on your business?
Pete Foley:
Absolutely. The attention around AI has been tremendous, from investors to the media. The open AI revolution has created a lot of buzz, and companies like ours, which provide the necessary infrastructure for AI implementation, are benefiting from that tailwind.
Host:
What’s your team size currently?
Pete Foley:
We have just under 50 people, with a heavy focus on engineering. We've built an enterprise-ready platform, and we have customers that include four of the top 10 banks, one of the largest hospital providers in the country, and a leading financial regulatory group.
Host:
You mentioned raising a Series B. What were the triggers or milestones that led you to pursue that next round of funding?
Pete Foley:
There were a few. First, the external market was maturing, especially around generative AI. We saw a competitive advantage in helping companies implement AI faster. Second, our performance, particularly securing multi-year contracts with Fortune 500 companies, showed us that we had a strong, scalable business.
Host:
Looking ahead, what’s next for ModelOp?
Pete Foley:
We’re focused on growth—expanding our sales team, increasing our marketing efforts, and continuing to build products that our customers need. You’ll be seeing a lot more from us in the coming months.
Host:
That’s exciting. If listeners want to learn more about ModelOp, where should they go?
Pete Foley:
They can visit modelop.com, where we host various webinars and share customer use cases.
Host:
Perfect. Thanks so much for your time, Pete.
Pete Foley:
Thanks, Ben. I appreciate it.
