AppFactor, a London, UK-based technology company using AI to optimize application modernization, closed an oversubscribed pre-seed funding round, propelling the company from its initial paying customers to a full commercial product launch.
The round was led by Haatch, a notable investment firm, along with other notable angel investors.
The funds will be used to further enhance its modernization platform, expand its customer base, and drive strategic partnerships as it continues to revolutionize the application modernization landscape.
Keith Neilson, CEO and co-founder of AppFactor, expressed immense enthusiasm about this significant milestone. He shared, "We are thrilled to have closed this oversubscribed pre-seed funding round. Our initial product deployment has already delivered remarkable results, facilitating a significant 15-fold acceleration of a large government agency modernization project, while reducing costs to just one-third of the estimated budget. With this clear validation of our product-market fit, we arepreparing to enter a scaling phase in 2024."
Company: AppFactor.io Ltd.
Raised: Undisclosed
Round: Pre-Seed Round
Funding Month: July 2023
Lead Investors: Haatch
Additional Investors:
Company Website: https://www.appfactor.io/
Software Category: Application Modernization Software
About the Company: AppFactor is a technology company at the forefront of application modernization. They provide an enterprise-focused SaaS platform that supports organizations with the accelerated transformation of existing applications, efficient operations of modern applications and the automated deployment of new applications for any environment. The company empowers organizations to dramatically reduce the cost and timeframes to transform and optimize their legacy applications, through its innovative AI-driven solutions.
Source: https://www.appfactor.io/blog/appfactor-closes-oversubscribed-pre-seed-funding-round-fuelling-path-to-commercial-product-release-and-first-paying-customers