CloudFrame Inc., a New York-based mainframe modernization startup that developed a technology that converts applications written in the COBOL programming language, announced that it raised a $7 million Series A funding, bringing its total financing to $8.5 million.
The round was led by Eldridge Industries LLC, with additional investments from KKR & Co. L.P. founder Henry Kravis and members of New York Angels.
The strategic investment will support CloudFrame’s growth as it supplies large organizations with an incremental, self-directed approach to transforming mission-critical mainframe applications into cloud-native Java applications that drastically lower operating costs.
Company: CloudFrame, Inc.
Raised: $7.0M
Round: Series A
Funding Month: March 2022
Lead Investors: Eldridge Industries LLC
Additional Investors: Henry Kravis
Company Website: https://cloudframe.com/
Software Category: Mainframe Modernization
About the Company: Founded in 2016, CloudFrame is a New York-based SaaS platform that offers solutions including digital transformation, mainframe modernization, and cloud migration for businesses. CloudFrame frees mainframe applications from COBOL, giving customers automated, incremental, low-risk, low-cost ways to transform those applications into fully supportable cloud-native Java. CloudFrame delivers the tools you need to address your immediate COBOL modernization needs: cost and transformation to cloud applications. CloudFrame products give customers control and the ability to transform mainframe applications quickly, removing vendor dependency completely and fully enabling digital transformation.
Source: https://siliconangle.com/2022/03/22/exclusivecobol-modernization-startup-cloudframe-bags-7m-series-funding/ https://www.businesswire.com/news/home/20220322005484/en/CloudFrame-Closes-Series-A-Round-Led-by-Eldridge