AppFactor, a pioneering technology company using AI to optimise application modernisation, announced the successful closure of its oversubscribed pre-seed funding round, propelling the company from its initial paying customers to a full commercial product launch.
The lead investor, Haatch, along with other notable angel investors, recognised the immense potential for a breakthrough product in the application modernisation market.
Fred Soneya, Co-founder & Partner at Haatch stated:
“The market for application modernisation is primed for a fresh approach, and we believe AppFactor is poised to deliver just that. We are excited to be on the growth journey with AppFactor who has the potential to be a game-changing platform. AppFactor has the vision, talent, and innovation to transform the industry.”
AppFactor’s CEO and co-founder, Keith Neilson, expressed excitement about the milestone, sharing:
“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’s modernisation project, while reducing costs to just one-third of the estimated budget. With this clear validation of our product-market fit, we are preparing to enter a scaling phase in 2024.”
AppFactor plans to leverage the funds raised to further enhance its modernisation platform, expand its customer base, and drive strategic partnerships, as the company continues to revolutionise the application modernisation landscape.