Moderne raises $30m Series B to accelerate AI-powered code transformation

Moderne, a company specialising in automated code refactoring and analysis, has secured $30m in a Series B funding round.

The investment was led by Acrew Capital, with participation from Morgan Stanley, Amex Ventures, and TIAA Ventures. Existing investors, including Allstate, Intel Capital, Mango Capital, and True Ventures, also joined the round.

The Miami-based firm is known for its unique platform that enables enterprises to modernise and maintain extensive codebases efficiently. Its technology addresses the challenge of managing billions of lines of existing code, a crucial issue often overlooked by AI-powered coding assistants focused on new software development. Moderne’s approach helps companies mitigate technical debt, ensuring software remains updated and secure.

Moderne’s platform is built on OpenRewrite, an open-source project developed by its CEO and co-founder, Jonathan Schneider, during his tenure at Netflix. The technology has since been integrated into major developer tools, including AWS’s Amazon Q, Broadcom’s App Advisor, and Microsoft’s GitHub Copilot.

Moderne’s core innovation lies in its Lossless Semantic Tree (LST) data model, which offers an advanced approach to analysing and modifying code beyond conventional text-based representations. Its newly launched Mod Agent further enhances developers’ efficiency in managing complex codebases.

Acrew Capital founding partner Mark Kraynak said, “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.”

Moderne has experienced substantial growth, increasing its customer base by 250% in 2024. Its platform is used by Fortune 500 companies such as Allstate, Choice Hotels, and Walmart, as well as five leading North American banks.

Amex Ventures managing director Kevin Weber praised the company’s potential, stating, “

TIAA Ventures senior director Thompson Barro also highlighted the importance of Moderne’s work in financial services, saying, “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.”