CloudFrame Secures $1.5 Million Seed Financing Led by New York Angels
NEW YORK (PRWEB) MAY 29, 2019
CloudFrame, a software company bridging the mainframe innovation gap with a step-by-step, low-risk approach to modernizing legacy technologies, today announced it completed $1.5 million in Seed financing. The New York Angels led the investment round with participation from existing and new investors. The investment will help the company aggressively expand its sales and marketing efforts as well as broaden and accelerate product development. Bruce Gallager of the New York Angels will join CloudFrame’s Board of Directors.
New York Angels is one of the longest running active angel groups in New York City and has invested over $100 million in entrepreneurial ventures. The strength of the group is its ability to invest significant capital collectively, to help entrepreneurs define, track and achieve their goals, and to make introductions to customers, vendors, potential employees and later-stage investors that can accelerate growth.
The Seed financing is the second significant milestone this year for CloudFrame. In early April 2019, CloudFrame was selected to participate in the NYC Fintech Innovation Lab. The FinTech Innovation Lab is a highly competitive 12-week program that helps early-to growth-stage startup companies refine and test their value proposition. The Lab is run by The Partnership Fund of NYC and Accenture, which partners with 44 of the world’s leading Financial Institutions. CloudFrame is the first-ever Lab participant with a product focused on innovating the mainframe platform.
“CloudFrame’s offering is well-timed with numerous business, industry and technology drivers rapidly increasing demand for products that will help organizations migrate legacy applications and platforms to Cloud-ready, modern and open systems,” said Bruce Gallager with The New York Angels. “CloudFrame is a powerful solution for the industry, and we are excited to collaborate with and support them as they work to build a great company.”
“Many large organizations are saddled with 30-40 year-old mainframe mission-critical programs that are very risky to modernize. CloudFrame helps our customers unlock mainframe programs and data in a granular, risk-appropriate approach enabling them to modernize and innovate for the future,” said CloudFrame Chief Executive Officer Venkat Pillay. “Having the financial support and expertise of New York Angels will help us execute our vision even more rapidly and broadly – and with the benefit of experience, perspective and relationships of a leading tech investor.”
CloudFrame is a software product company bridging the mainframe innovation gap with a step-by-step, low-risk approach towards modernizing legacy mainframe technologies. CloudFrame’s innovative approach significantly reduces the business and regulatory risk associated with changing mission-critical mainframe applications. By converting legacy programs to portable, Cloud-ready modern code, customers can reduce mainframe costs, integrate new technologies into their business applications, and migrate to Cloud. To learn more about CloudFrame, visit http://www.CloudFrame.com.
About New York Angels
New York Angels is one of the longest running active angel groups in New York City and has invested over $100 million in entrepreneurial ventures. The group is an independent consortium of over 135 individually accredited angel investors. For more information, visit http://www.newyorkangels.com.
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Daniel Sweeney for CloudFrame: dan.sweeney(at)CloudFrame.com or 646-469-1911