CoreStory, a Code Intelligence company, has announced a $32 million Series A funding round, led by Tribeca Venture Partners, NEA, and SineWave Ventures, to advance its mission of leveraging agentic AI to understand and modernize the vast amounts of legacy code powering critical enterprise systems.
The investment aims to address one of enterprise technology’s most significant and costly challenges: the modernization of trillions of lines of legacy code that underpin essential infrastructure, including systems for Social Security, Medicare, airlines, banks, and defense networks. This code is often undocumented, difficult to modify, and too complex for traditional modernization approaches. Compounding this issue, the rapid generation of AI-created code is adding billions of new lines monthly, frequently lacking documentation or clear design intent, presenting enterprises with a dual task of both modernizing existing software and managing newly generated AI code.
CoreStory tackles this complexity by employing agentic AI to extract business logic and architectural insights from applications developed decades ago. This process transforms opaque systems into maintainable assets that organizations can safely expand and evolve. Enterprises utilizing CoreStory’s platform have reported up to a 50 percent reduction in human development time, achieved by replacing manual discovery, documentation, and validation with automated specifications. This shift positions modernization as a measurable and ROI-positive initiative.
Anand Kulkarni, CEO of CoreStory, highlighted the pervasive reliance on dated software. “Every time you swipe a card or make a claim, you’re depending on software written decades ago that few people understand,” Kulkarni stated. “CoreStory’s agentic AI reads, maps, and documents that code, turning it into living specifications that make modernization safe and measurable. Our mission is to make the world’s software infrastructure understandable again — and future-proof for the AI era.”The funding round saw participation from additional investors including Harrison Metal, Singtel Innov8, Samsung Next, Nimble Partners, and Alumni Ventures. CoreStory’s Code-to-Spec agent is central to its platform, automatically interpreting millions of lines of code and converting them into structured, living requirements. These specifications serve as an “atlas for code,” usable by both human developers and AI agents. Joint research published with Microsoft demonstrated that integrating CoreStory’s structured specifications within AI software-engineering agents improved accuracy by 51 percent, which shortens modernization timelines and mitigates project risks for enterprise clients.
Aaron Jacobsen, Partner at NEA, commented on CoreStory’s impact, saying, “CoreStory is redefining how enterprises understand and manage their software estates. By converting legacy code into structured, living specifications, CoreStory bridges the gap between decades of accumulated complexity and the new era of AI-assisted development.”CoreStory is a pioneer in Specification-Driven Development (SDD), a methodology that ensures all software — whether legacy or AI-generated — is grounded in explicit, machine-readable specifications expressed in natural language. By recovering specifications from existing systems and embedding them into modern workflows, CoreStory aims to maintain alignment between business intent and technical execution throughout the entire software lifecycle. The company’s AI-driven intelligence models and proprietary model ensembles accelerate legacy migration and application maintenance by documenting business and technical insights embedded in legacy code, thereby reducing failure rates and speeding up delivery for strategic enterprise applications.
