Moderne's $30 Million Boost: A Leap into the Future of Code Modernization
February 12, 2025, 3:32 am
Location: United States, California, San Francisco
Employees: 1001-5000
Founded date: 2008
Total raised: $350M
In the fast-paced world of technology, where innovation is the lifeblood of success, Moderne has just secured a significant $30 million in Series B funding. This Miami-based company is not just another player in the tech arena; it’s a game-changer. With this fresh capital, Moderne aims to revolutionize how enterprises manage their codebases, addressing a critical issue that many companies face: technical debt.
Technical debt is like a hidden weight. It slows down progress and complicates development. For decades, businesses have built vast libraries of code, often without the foresight to maintain or modernize them. As technology evolves, these legacy systems become cumbersome, leading to inefficiencies and increased costs. Moderne steps in as a solution, providing automated code refactoring and analysis that can save enterprises billions.
The funding round was led by Acrew Capital, with participation from notable investors like Morgan Stanley, Amex Ventures, and TIAA Ventures. This backing signals strong confidence in Moderne’s vision and technology. The company’s platform is not just another tool; it’s a comprehensive solution designed to tackle the complexities of code modernization at scale.
Moderne’s technology is rooted in the OpenRewrite open-source project, which was developed by CEO Jonathan Schneider during his tenure at Netflix. OpenRewrite has gained traction as a standard for code migration and maintenance, integrated into tools from giants like AWS, Microsoft, and Broadcom. This pedigree gives Moderne a competitive edge, allowing it to stand out in a crowded market.
The company’s unique approach lies in its Lossless Semantic Tree (LST) data model. This model provides insights into codebases that go beyond the traditional “code as text” representation. It’s like having a detailed map instead of a vague outline. With the ability to analyze multiple LST files simultaneously, Moderne can transform codebases quickly and accurately. This efficiency is crucial for enterprises managing complex systems.
The introduction of the Mod Agent further enhances the platform’s capabilities. This agent acts as a guide, helping developers navigate and evolve large codebases with ease. It’s akin to having a seasoned navigator on a turbulent sea, ensuring that teams can chart a course through the complexities of their code.
Moderne’s growth trajectory is impressive. In 2024, the company expanded its customer base by 250%, attracting Fortune 500 companies, including Allstate, Choice Hotels, and Walmart. Even five of the top North American banks have turned to Moderne for their code modernization needs. This rapid expansion underscores the pressing demand for effective solutions in an era where speed and efficiency are paramount.
The funding will be instrumental in extending Moderne’s operations and enhancing customer experiences. In a landscape where time is money, the ability to deliver rapid results is invaluable. Moderne is poised to not only meet but exceed customer expectations, ensuring that enterprises can modernize their codebases without the typical headaches associated with such endeavors.
As companies increasingly adopt AI technologies, concerns about the reliability and quality of data are rising. Moderne’s platform addresses these concerns head-on. By providing a robust framework for code analysis and transformation, it empowers developers to harness the full potential of AI-driven tools without being bogged down by legacy issues.
The future of code modernization is bright, and Moderne is at the forefront. With its innovative technology and strong backing, the company is set to redefine success in this space. The next decade will see a shift in how enterprises approach their codebases, moving from reactive maintenance to proactive modernization.
In conclusion, Moderne’s recent funding is more than just a financial boost; it’s a signal of the changing tides in the tech industry. As enterprises grapple with the challenges of technical debt, Moderne offers a lifeline. Its unique approach to code modernization not only promises significant cost savings but also positions companies for future success. The journey ahead is filled with potential, and Moderne is ready to lead the way.
Technical debt is like a hidden weight. It slows down progress and complicates development. For decades, businesses have built vast libraries of code, often without the foresight to maintain or modernize them. As technology evolves, these legacy systems become cumbersome, leading to inefficiencies and increased costs. Moderne steps in as a solution, providing automated code refactoring and analysis that can save enterprises billions.
The funding round was led by Acrew Capital, with participation from notable investors like Morgan Stanley, Amex Ventures, and TIAA Ventures. This backing signals strong confidence in Moderne’s vision and technology. The company’s platform is not just another tool; it’s a comprehensive solution designed to tackle the complexities of code modernization at scale.
Moderne’s technology is rooted in the OpenRewrite open-source project, which was developed by CEO Jonathan Schneider during his tenure at Netflix. OpenRewrite has gained traction as a standard for code migration and maintenance, integrated into tools from giants like AWS, Microsoft, and Broadcom. This pedigree gives Moderne a competitive edge, allowing it to stand out in a crowded market.
The company’s unique approach lies in its Lossless Semantic Tree (LST) data model. This model provides insights into codebases that go beyond the traditional “code as text” representation. It’s like having a detailed map instead of a vague outline. With the ability to analyze multiple LST files simultaneously, Moderne can transform codebases quickly and accurately. This efficiency is crucial for enterprises managing complex systems.
The introduction of the Mod Agent further enhances the platform’s capabilities. This agent acts as a guide, helping developers navigate and evolve large codebases with ease. It’s akin to having a seasoned navigator on a turbulent sea, ensuring that teams can chart a course through the complexities of their code.
Moderne’s growth trajectory is impressive. In 2024, the company expanded its customer base by 250%, attracting Fortune 500 companies, including Allstate, Choice Hotels, and Walmart. Even five of the top North American banks have turned to Moderne for their code modernization needs. This rapid expansion underscores the pressing demand for effective solutions in an era where speed and efficiency are paramount.
The funding will be instrumental in extending Moderne’s operations and enhancing customer experiences. In a landscape where time is money, the ability to deliver rapid results is invaluable. Moderne is poised to not only meet but exceed customer expectations, ensuring that enterprises can modernize their codebases without the typical headaches associated with such endeavors.
As companies increasingly adopt AI technologies, concerns about the reliability and quality of data are rising. Moderne’s platform addresses these concerns head-on. By providing a robust framework for code analysis and transformation, it empowers developers to harness the full potential of AI-driven tools without being bogged down by legacy issues.
The future of code modernization is bright, and Moderne is at the forefront. With its innovative technology and strong backing, the company is set to redefine success in this space. The next decade will see a shift in how enterprises approach their codebases, moving from reactive maintenance to proactive modernization.
In conclusion, Moderne’s recent funding is more than just a financial boost; it’s a signal of the changing tides in the tech industry. As enterprises grapple with the challenges of technical debt, Moderne offers a lifeline. Its unique approach to code modernization not only promises significant cost savings but also positions companies for future success. The journey ahead is filled with potential, and Moderne is ready to lead the way.