$15M Series A Funding to Moderne, Founded by Jonathan Schneider and Olga Kundzich
Moderne Founders: Jonathan Schneider and Olga Kundzich (Photo: Business Wire)
Moderne Raises $15M Series A Round to Bring Continuous Software Modernization to Market
Funding enables new capabilities for operationalizing continuous software modernization
February 07, 2023 MIAMI--(BUSINESS WIRE)--Moderne, the continuous software modernization company, is moving swiftly to address the unmet market need of automating code migration and remediation for large, composed software systems that are continually evolving and growing in complexity. Moderne announced $15 million in Series A funding led by Intel Capital with participation from True Ventures, Mango Capital and Allstate Strategic Ventures. Nick Washburn, Senior Managing Director at Intel Capital, will help accelerate the company's growth by joining its board of directors.
“Code volume, variety and velocity continue to grow exponentially—making code automation more important than ever—especially when keeping software upgraded and secure is harder than ever,” said Nick Washburn. “Moderne automates software refactoring and migration to empower developers to spend their valuable time building the new instead of tediously maintaining the old.”
Continuous software modernization is a new category of software development tools that automates code migration and fixes across a company’s software system—the entire codebase, including all dependencies. It’s solving the problem of increasingly larger fractions of development effort going to software upkeep, which inhibits innovation and business growth.
Unlike code scan and search tools, Moderne’s private SaaS solution identifies code issues with high precision across 1000s of repositories simultaneously and accurately fixes the code for developers, unloading hours of developer time per week. Moderne achieves this using an innovative Lossless Semantic Tree, a technology leap from the common Abstract Syntax Tree, to deliver the full fidelity of codebase knowledge required for accurate, automated code fixes.
Code modernization work that would normally take many months of manual effort can be automated and completed with a pull request in minutes. As a result, small-medium businesses and large enterprises, including just-announced customers Allstate and Choice Hotels, are saving time and money — enabling more value creation for their businesses.
“Moderne is driven by a north star metric of commits made back to your source code repositories,” said Jonathan Schneider, CEO and co-founder of Moderne. “If you have a SAST, security scanner, or code search tool you should consider Moderne. These existing tools produce reports in the hope that somebody will take action. Hope isn't a course of action. By actually taking action to fix the code, the Moderne platform is bringing real value to improving developers’ day-to-day jobs and increasing software development velocity.”
Choice Hotels sees significant value in the Moderne solution for maintaining the company's codebase in a secure state. “By keeping our software modernized, we are more secure,” said Jason Simpson, Vice President of Engineering at Choice Hotels. “Moderne has the in-depth search that enables our code to be secure, by finding and fixing vulnerabilities in our repositories.”
“Performing continuous software updates are crucial to protecting our data and business,” said Tarik Galijasevic, Vice President and Managing Director of Allstate Strategic Ventures. “We invested in Moderne because we are confident their software will help us enhance our technology, so we can deliver a better experience to our customers.”
The Series A funding—which brings the company’s total financing to $20 million—allows Moderne to grow and nurture its customer base, as well as build on its technology offering. The Moderne value proposition of continuous software modernization has been proven with the Java ecosystem, the most widely used programming language. Moderne is extending support for additional languages like newly supported language, COBOL, and upcoming Python, TypeScript, and C#. In addition, Moderne will be introducing more capabilities such as change campaign management, a recommendation service, a command line interface (CLI) to drive the local developer experience, and integrations with continuous integration (CI) tools, integrated development environments (IDEs), and other tools in the ecosystem.
Moderne also received Service Organization Control 2 (SOC 2®) Type 2 Certification in October 2022. This enables enterprise organizations to have confidence that Moderne’s controls and operations adhere to the key trust service principles of security, availability, processing integrity, confidentiality, and privacy.
Moderne’s mission is to solve the laborious and manual tasks of software development that suck the productivity out of developers and kill innovation. The company accelerates software development through continuous software modernization across an organization’s codebase, freeing developers to do what they love—create great software. Moderne is based in San Francisco, and its investors include Intel Capital, True Ventures, Mango Capital, Allstate Strategic Ventures, Overtime.vc, former GitHub CTO Jason Warner, Datadog co-founder and CEO Olivier Pomel, Coverity co-founder and former CTO Andy Chou, and former Netflix head of security Jason Chan. To learn more visit https://moderne.io or follow us on Twitter @moderneinc.