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.”

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