Moderne Secures $30M to Drive Billions in Enterprise Code Modernization Savings – Based on Its Innovative Tech Used by AWS, Microsoft, and Broadcom AI Assistants
Summary
The funding is further validation that Moderne is emerging as the only company driving mass-scale code modernization and tech debt remediation critical to the progress and success of enterprises and hyperscalers.In the last two years, billions of dollars have been invested in AI-powered coding assistants to help developers write new software. OpenRewrite has become the de facto standard for code migration and maintenance, and it has been integrated into a number of developer tools from the worlds largest software companies, including AWSs Amazon Q, Broadcoms App Advisor, and Microsofts GitHub Copilot.The challenge of addressing technical debt impacts nearly every company, but its mission-critical for enterprises managing massive, complex codebases, said Mark Kraynak, Founding Partner at Acrew Capital. The company will use the new funding to extend its commitment to providing ideal customer experiences and rapid time to value with Moderne.Amex Ventures: Modernes technology and open-source community can help enterprises move their valuable software forward with higher accuracy and reliability, said Kevin Weber, Managing Director at Amex Ventures. The company helps ensure efficient and cost-effective modernization.TIAA Ventures: Its crucial that financial institutions are agile and adaptive in todays advanced digital age. This investment can streamline and improve services for TIAA retirement clients, and we look forward to working with the Moderne team, said Thompson Barro, Senior Director at TIAA Ventures.About ModerneModerne automates mass-scale code modernization thats critical to the progress and success of enterprise companies todaymaking a difference in minutes, not months.