Automated code refactoring platform Moderne

Moderne 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.

Automated code refactoring platform Moderne secures funding

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. 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," said Mark Kraynak, Founding Partner at Acrew Capital.

The breakthrough innovation powering Moderne is its one-of-a-kind Lossless Semantic Tree (LST) data 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. 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," said Schneider.

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.