Kodesage raises $6.6M seed round for on-premise AI that modernizes legacy banking software
By
Ana-Maria Stanciuc
Lightly browned and well buttered. A solid pick from the rack.
Summary
Kodesage, a London and Budapest-based startup, has raised $6.6M in seed funding led by VentureFriends to modernize legacy enterprise software using AI that runs entirely on-premise. The company targets banks and insurers whose core systems still run on outdated technologies like COBOL and Oracle Forms. By keeping the AI on-premise, Kodesage addresses security and compliance concerns that prevent financial institutions from migrating critical legacy systems to the cloud. The funding will be used to expand the team and accelerate product development.
Key quotes
· 3 pulledThe most important software in a bank is often the software nobody fully understands any more.
It runs the core processes, it has run them for decades, and the engineers who wrote it have retired.
Changing it is slow, expensive and risky, which is why so much of it never changes at all.
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