MIAMI, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Moderne, the automated code refactoring and analysis company, announced it has closed $30 million in Series B funding led by Acrew Capital with participation from Morgan Stanley, Amex Ventures, and TIAA Ventures, as well as all previous investors Allstate, Intel Capital, Mango Capital and True Ventures. 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. However, these tools can fail to address the millions of applications and billions of lines of existing code that companies have developed over the last three decades that must be constantly updated, maintained and secured.
Moderne is the only company with a proven platform designed to analyze and transform large codebases efficiently and cost-effectively. The technology, developed for a fraction of the cost of the new crop of AI-powered coding assistants, stems from the OpenRewrite open-source project Moderne CEO and co-founder Jonathan Schneider developed at Netflix. 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 world's largest software companies, including AWS's Amazon Q, Broadcom's App Advisor, and Microsoft's GitHub Copilot.
"The challenge of addressing technical debt impacts nearly every company, but it's mission-critical for enterprises managing massive, complex codebases," said Mark Kraynak, Founding Partner at Acrew Capital. "Moderne's technology is purpose-built for this scale, plus it complements and improves this new generation of AI for code. Moderne has redefined what success in code modernization looks like-delivering proven results for some of the largest and most sophisticated enterprises."
The breakthrough innovation powering Moderne is its one-of-a-kind Lossless Semantic Treedata model for code that enables a new level of insights into a codebase beyond what is visible in the typical 'code as text' representation. The Moderne Platform can work across multiple LST files at once to analyze and transform codebases quickly and accurately. When combined with agentic experiences, like Moderne's new Mod Agent, developers can work even more efficiently to understand and evolve large codebases.
"Moderne alone produces the data that is going to drive the next decade of code modernization. This data covers everything the compiler knows about the code multiplied by tens of thousands of repositories at each customer," said Schneider. "Moderne is already driving large-scale application modernization savings for our customers over and over again-and we're only scratching the surface of what can be done."
With a team of language engineering and software development experts, Moderne grew its customer base by 250% in 2024, attracting many Fortune 500 companies, including Allstate, Choice Hotels, and Walmart. In fact, five top North American banks are Moderne customers. The company will use the new funding to extend its commitment to providing ideal customer experiences and rapid time to value with Moderne.
Additional Investor Quotes:
Amex Ventures: "Moderne's 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: "It's crucial that financial institutions are agile and adaptive in today's advanced digital age. Moderne offers an impressive at-scale approach that can revolutionize code modernization, helping to streamline, improve, and secure the software that's driving some of the biggest industries. 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 Moderne
Moderne automates mass-scale code modernization that's critical to the progress and success of enterprise companies today-making a difference in minutes, not months. Moderne is based in Miami, and its investors include Acrew Capital, Intel Capital, True Ventures, Mango Capital, Allstate Strategic Ventures, Morgan Stanley, Amex Ventures, and TIAA Ventures, among other investors and advisors. To learn more visit www.moderne.ai
Contact: merrill@freundpr.com
