CloudFrame Completed $1.5 million in financing led by the NY 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. Sand Hill East Partners is also contributing as advisors to the firm.
“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.”
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 and includes 44 of the world’s leading Fortune 500 Financial Institutions as its members. CloudFrame is the first-ever Lab participant with a product focused on innovating the mainframe platform. The selection of CloudFrame into the Lab was based on the votes of the member financial firms.
CloudFrame is fortunate to have 5 major institutions (U.S. Bank, Chubb Insurance, Guardian Life, TIAA and Credit Suisse) as Fintech Lab mentors helping to shape our future innovations and offer insights for CloudFrame to better serve the Financial Services industry vertical.
Founded in 2016, CloudFrame was formed to address the challenges persistent in organizations looking to modernize business applications residing on mainframe computers. With nearly 100 years of combined mainframe experience, CloudFrame has introduced innovative products into the market focused on unlocking mainframe code and modernizing past investments.
In 2018, CloudFrame’s first customer went live into Production. This “Fortune 20” company with a large-scale mainframe installation was able to reduce significant application MIPS usage. They migrated their development environment workloads to Amazon Web Services (AWS) Cloud and their production environment was migrated to both Private Cloud and to the Java VM running on the zIIP engine. No data changes were required. As a result, this “Fortune 20” customer was able to secure $4MN in annual savings.