PALO ALTO, Calif., March 16, 2022 (GLOBE NEWSWIRE) -- Today, vFunction, the first and only AI-based platform to modernize legacy applications for the cloud, announces accelerated corporate momentum with strong year over year revenue growth, new enterprise customers, investors, partnerships, and the addition of Eyal Manor, Chief Product Officer at Twilio, to the company’s advisory board. vFunction has showcased strong market momentum and customer and partner growth over the last year as a response to a massive 20x spike in demand for app modernization, as enterprises double down on digital transformation investments, accelerated by massive adoption of the cloud.
Over the course of the last year, vFunction has significantly remade the application modernization market by changing how enterprises address modernizing complex, aging, mission-critical legacy applications. By using the most sophisticated AI, data science, and patented analysis methodologies, vFunction’s platform has accelerated stalled modernization projects and expanded the scope of what monoliths can be refactored and rearchitected. vFunction is helping enterprises accelerate app transformation by 15x in just a matter of days, versus months with traditional, manual methods. Since launching in early 2021, vFunction has already decomposed hundreds of enterprise monoliths with 100s of millions of lines of code, which are carrying 10s of millions of dollars in technical debt for customers, as well as has extracted 1000s of new microservices, untangling billions of interdependencies.
- Customers: vFunction’s strong base of customers include Intesa Sanpaolo, the largest banking group in Italy with over $1 Trillion in assets, who experienced 3x increase in release frequency, 25% reduction in regression testing, and months of saved work using vFunction. vFunction also works with two of the top five financial services providers in the US, and several of the world’s largest software and security leaders, amongst other Fortune 100 companies.
- Partners: vFunction has also significantly expanded its channel and strategic partner program, collaborating with major cloud providers such as AWS, Google Cloud, HPE, and Microsoft Azure, and global system integrators such as Accenture, HCL, Mphasis, SCSK, TCS, Wipro, and many more to accelerate companies’ migration to the cloud.
- Integrations: vFunction’s new integration with HPE Ezmeral helps customers automate legacy application modernization on the HPE Ezmeral platform. With vFunction and HPE Ezmeral, a cloud native analytics and data lakehouse platform that modernizes and optimizes data-intensive workloads with Kubernetes, customers can benefit from automation, AI, and data science to better understand, observe, and decompose legacy monolithic applications.
- Strategic Advisors: vFunction announced the addition of technology veteran Eyal Manor, Chief Product Officer at Twilio, to its strategic advisory board, where his background will be critical in helping vFunction scale its market, strategy, and modernization platform. His experience as Vice President and General Manager of Engineering and Product at Google Cloud will help guide vFunction as it grows its product and cloud native modernization portfolio. In his 10+ years at Google, Eyal led products and technologies that included Kubernetes, Hybrid and Multi-Cloud, Istio security Mesh, Billing, Cloud Functions, Cloud Run, Marketplace, and Monetization–all critical digital transformation elements that now form the foundation for customer’s cloud native platforms today.
- Additional Investors: Presidio Ventures, a Sumitomo Corporation of Americas ("SCOA") Group Company, has participated in the company’s $27.6M Series A funding round. vFunction will use the new investment to increase its global footprint and customer reach, beyond North America, Europe, and Latin America, and into Japan and the Asia-Pacific region.
“With over 21 Billion Java Virtual Machines (JVMs) out there today, there has never been a greater need for automated and effective app modernization,” said Mr. Doug Kuribayashi, CEO of Presidio Ventures. “vFunction has massive potential to significantly impact how enterprises approach their app modernization initiatives today and into the future, and we are excited to add them to our strategic portfolio of innovative technology companies.”
“Over the past six years, I’ve spent a great deal of time with App Modernization customers, helping them bring their applications up to contemporary requirements and move to microservices,” said Manor. “At the heart of the challenge were Java monoliths requiring the most experienced engineers to spend years decomposing part by part, containerizing, and re-platforming. vFunction is a pioneer in the modernization market by enabling faster feature and developer velocity, and I’m very excited to be helping the team scale as it enters its next phase of growth.”
“We are fortunate to have Eyal join our team as a strategic advisor, in addition to having support from investors such as Presidio Ventures and our expanding partner ecosystem, as we expand our market reach on a global level and support our rapidly growing customer base,” said Moti Rafalin, CEO and Co-founder of vFunction.
"As part of enhancing our cloud offerings, working with vFunction’s patented platforms, we can transform our client’s legacy apps into cloud-ready, microservices-driven, modern apps that maximize ROI for our client projects,” said Srikumar Ramanthan, SVP, Industry & Technology at Mphasis. “Together, we bring the best expertise, services, and innovation - to our enterprise clients."
"We are excited to have vFunction in our HPE GreenLake Marketplace. Our clients looking to move legacy workloads into their HPE GreenLake private clouds now have access to a scalable, repeatable factory model purpose-built for cloud native modernization,” said Scott Ramsay, VP HPE GreenLake ISV Solutions and Marketplace at Hewlett Packard Enterprise. “With the HPE GreenLake edge-to-cloud platform, our customers can now bring the cloud experience to apps and data everywhere, in edges, colocations, and data centers."
To learn more and request a demo or modernization assessment, please visit: https://vfunction.com/request-demo/.
About vFunction
vFunction is the first and only AI-driven platform for developers and architects that intelligently and automatically transforms complex monolithic Java applications into microservices, restoring engineering velocity and optimizing the benefits of the cloud. Designed to eliminate the time, risk and cost constraints of manually modernizing business applications, vFunction delivers a scalable, repeatable factory model purpose-built for cloud native modernization. With vFunction, leading companies around the world are accelerating the journey to cloud-native architecture and gaining a competitive edge. vFunction is headquartered in Palo Alto, CA, with offices in Israel. To learn more, visit www.vfunction.com.
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