AppFactor Closes Oversubscribed Pre-Seed Funding Round, Fuelling Path to Commercial Product Release and First Paying Customers

London, July 27th, 2023 - AppFactor, a pioneering technology company using AI to optimize
application modernization, announced the successful closure of its over subscribed 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, recognized
the immense potential for a breakthrough product in the application modernization market.

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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."

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AppFactor 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 modernization 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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AppFactor plans to leverage the funds raised to further enhance its modernization platform,
expand its customer base, and drive strategic partnerships, as the company continues to
revolutionize the application modernization landscape.
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About AppFactor:‍
AppFactor is a technology company at the forefront of application modernization. Through its
innovative AI driven solutions, the company empowers organizations to dramatically reduce the
cost and timeframes to transform and optimize their legacy applications. Post modernization,
the platform empowers teams to deploy, operate and maintain existing applications more
efficiently and cost effectively. For more information, visit www.appfactor.io.

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Media Contact:

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Keith Neilson
CEO
keith@appfactor.io

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