Moderne Secures $30M Series B Funding to Supercharge AI-Driven Code Transformation

Moderne Secures $30M Series B Funding to Supercharge AI-Driven Code Transformation

Moderne, a leading company in automated code refactoring and analysis, has recently raised $30 million in a Series B funding round. This investment will significantly enhance its capabilities in helping businesses modernize their software infrastructure.

Investment Overview

The funding round was spearheaded by Acrew Capital, with notable participation from Morgan Stanley, Amex Ventures, and TIAA Ventures. Existing investors, including Allstate, Intel Capital, Mango Capital, and True Ventures, also participated in this round.

Moderne’s Unique Positioning

Based in Miami, Moderne is renowned for its innovative platform designed to help enterprises efficiently modernize and maintain large codebases. The company’s technology addresses the significant challenge of managing billions of lines of existing code—an area often overlooked by AI-powered coding assistants that prioritize new software development.

  • Mitigating Technical Debt: Moderne’s solutions are crucial for keeping software updated and secure.
  • OpenRewrite Technology: The platform is built on the OpenRewrite project developed by CEO Jonathan Schneider during his time at Netflix.
  • Integration with Major Tools: Moderne’s technology is incorporated into popular developer tools, including AWS’s Amazon Q, Broadcom’s App Advisor, and Microsoft’s GitHub Copilot.

Innovative Features of Moderne’s Platform

The core innovation of Moderne lies in its Lossless Semantic Tree (LST) data model. This advanced approach to analyzing and modifying code goes beyond traditional text-based representations. Additionally, the newly launched Mod Agent further boosts developers’ efficiency in handling complex codebases.

Expert Insights on Investment

Mark Kraynak, founding partner at Acrew Capital, emphasized the importance of addressing technical debt, stating, “The challenge impacts nearly every company, especially those managing extensive and complex codebases. Moderne’s technology is purpose-built for this scale and enhances the new generation of AI for code.”

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Moderne has seen remarkable growth, with its customer base increasing by 250% in 2024. The platform is utilized by Fortune 500 companies such as Allstate, Choice Hotels, and Walmart, as well as five leading banks in North America.

Kevin Weber, managing director at Amex Ventures, noted, “Moderne offers an impressive at-scale approach that can revolutionize code modernization, helping to streamline, improve, and secure software in major industries.” TIAA Ventures’ senior director, Thompson Barro, highlighted the critical nature of Moderne’s work in financial services, underscoring the need for agility and adaptability in today’s digital landscape.

This substantial investment positions Moderne to further enhance its offerings and support clients in streamlining their processes, ultimately improving services for TIAA retirement clients.

For more information on Moderne and its innovative solutions, visit their official website.

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