Mitra Innovation
Mitra Innovation is a London-based IT services company that uses proprietary AI platforms — notably novolingo.ai — to decode and modernize legacy enterprise systems (COBOL, RPG, Rocket UniVerse, UniData), serving Tier-1 enterprises across banking, insurance, healthcare, retail, and the UK public sector via direct enterprise sales and the G-Cloud framework.
- Company typePrivate
- Founded2013
- HeadquartersLondon, United Kingdom
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Mitra Innovation does
Mitra Innovation (also branded "Mitra AI") is a London-headquartered IT services and product company focused on AI-first legacy modernization for large enterprises. Founded in 2013, the company operates a global delivery model with 251-500 employees, anchored by a development center in Sri Lanka and presence in the UK, Czech Republic, the Netherlands, and the United States. Its core target customers are Fortune 500 and Tier-1 enterprises running decades-old mission-critical systems — including COBOL, RPG, Rocket UniVerse, UniData, AS/400, Finacle, Oracle Forms, and SAP ECC — particularly in banking, insurance, healthcare, retail, and UK government.
The company is built around its proprietary novolingo.ai platform, which uses agentic AI architecture, LangGraph-based agent frameworks, and a Legacy Knowledge Graph to autonomously decode and map embedded business logic across code, documentation, and support tickets. From this platform the firm has productized four adjacent AI applications in 2025: RocketDev.AI (domain-specialized LLM for Rocket/PickBasic environments, launched July 2025), mAI Assistant (AWS Bedrock-powered banking knowledge navigator, February 2025), mAI Aura (AI-native banking compliance and risk platform, announced April 2025), and Service IQ (AI-driven IT service management automation, February 2025).
Mitra's business model combines three revenue streams: Managed Services Plus (MSP+) — AI-enabled managed services maintaining and modernizing legacy environments; Digital Services — cloud-first, API-led consulting (leveraging AWS, Microsoft Azure, WSO2, MuleSoft, and Boomi); and novolingo.ai platform licensing. Distribution is via direct enterprise field sales, supported by a content-driven thought-leadership program (blog, webinars with named CIOs), named reference customers (Aetna International/CVS Health, Travis Perkins, Moneta Money Bank, Philips, Ramsay Health Care), and the UK G-Cloud 14 Digital Marketplace (Lots 1-3, achieved May 2024). Engagements are custom-quoted rather than tier-priced. The company holds ISO/IEC 27001:2022, ISO 9001:2015, Cyber Essentials, and UK GDPR compliance.
Mitra Innovation firmographics
Firmographics- Name
- Mitra Innovation
- Legal name
- Mitra Innovation Private Limited
- Website
- https://mitrai.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Mitra Innovation is a London-based IT services company that uses proprietary AI platforms — notably novolingo.ai — to decode and modernize legacy enterprise systems (COBOL, RPG, Rocket UniVerse, UniData), serving Tier-1 enterprises across banking, insurance, healthcare, retail, and the UK public sector via direct enterprise sales and the G-Cloud framework.
- Ownership category
- akta.pro rank
Mitra Innovation industry classification
Industry- Product category
- Legacy Modernization Software
- NAICS
- Custom Computer Programming Services (541511), Computer Systems Design and Related Services (54151), Software Publishers (513210)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370), Services-Prepackaged Software (7372)
- akta.pro primary industry
- AI/ML Engineering & Model Development Services (BPAEAHAF)
- akta.pro secondary industries
- AI Application Enablement Platforms (Copilot/Agent Frameworks, SDKs) (HDAEANAJ), End-to-End Enterprise AI Platforms (MLOps & Model Lifecycle Management) (HDAEANAA)
Keywords
Where Mitra Innovation is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Mitra Innovation business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Managed Services Plus (MSP+): AI-enabled managed services that maintain, modernize, and advance enterprise legacy systems, providing ongoing support and operational management.
- Digital Services: Cloud-first, API-led, and AI-augmented digital solutions that scale globally, including integration, migration, and transformation services.
- novolingo.ai Platform Licensing: IP-led legacy modernization platform delivered as a licensed solution, enabling enterprises to decode and modernize legacy systems using proprietary AI technology.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels8 records
Mitra Innovation product offering
Product offeringCore offering
Mitra Innovation sells AI-first legacy modernization software and services built on its proprietary novolingo.ai agentic AI platform, which decodes decades of accumulated business logic in legacy systems (COBOL, RPG, Rocket UniVerse, UniData, AS/400) into a queryable Legacy Knowledge Graph. The company complements this platform with AI-enabled managed services (MSP+) and cloud-first digital services for cloud migration, API-led integration, and progressive transformation, alongside specialized AI products (RocketDev.AI, mAI Assistant, mAI Aura, Service IQ) targeting banking, Rocket environments, compliance, and IT support automation.
Product overview
Mitra AI positions itself as the world's most trusted IP-led legacy modernization partner, offering a unified platform ecosystem centered on novolingo.ai. The core novolingo.ai platform uses agentic AI and knowledge graph technology to decode legacy business logic before transformation. From this platform, specialized solutions address specific environments: RocketDev.AI extends the platform for Rocket Software systems (UniVerse, UniData), while domain-specific applications include mAI Assistant for banking knowledge navigation and mAI Aura for AI-powered regulatory compliance. Service IQ provides IT support automation. The portfolio is complemented by MSP+ managed services and Digital Services consulting. The company emphasizes progressive, knowledge-first modernization over 'big bang' replacements, with proven outcomes including 20-30% faster time-to-market and 30%+ productivity gains.
Differentiator
Problem solved
Functional benefit
Brands
- novolingo.ai: AI-powered legacy intelligence platform that decodes decades of accumulated business logic in legacy systems like COBOL and RPG, creating a Legacy Knowledge Graph for enterprise operational intelligence.
- mAI Assistant
- mAI Aura
- Service IQ
- RocketDev.AI
Products and services
- novolingo.ai AI-enabled legacy intelligence platform using agentic AI architecture to decode decades of accumulated business logic in legacy systems (COBOL, RPG, UniVerse, UniData, Finacle, Oracle Forms, SAP ECC), creating a Legacy Knowledge Graph and supporting three steps: Discover & Learn, Elevate Productivity (auto-generated fixes and test scripts), and Modernize & Transform with module-by-module progressive modernization.
- RocketDev.AI AI-native platform purpose-built for Rocket Software systems (UniVerse and UniData) using a domain-specialized LLM trained on PickBasic syntax, multi-value data structures, and DICTs; delivers code-to-doc automation, conversational AI developer portal, and 60% faster ticket resolution.
- mAI Assistant Secure AI-powered smart knowledge navigator and chatbot for banking built on AWS Bedrock, providing context-aware access to institutional knowledge through natural language queries with privacy-compliant architecture, secure document indexing, and switchable LLM models.
- mAI Aura AI-native banking compliance and risk management platform for modern banks featuring real-time risk detection, self-learning models, NLP-powered regulatory understanding, and cloud-native modular deployment targeting large institutions and regional banks.
- Service IQ AI-powered IT service management solution that automates ticket triaging, deduplication, and prioritization, with AI agents continuously monitoring systems, proactively identifying failures, and integrating with existing systems; delivers up to 40% cost savings in IT support operations.
- MSP+ (Managed Services Plus) AI-enabled managed services that maintain, modernize, and advance enterprise legacy systems, providing ongoing support, operational management, and progressive modernization of heritage technology estates.
- Digital Services Cloud-first, API-led, and AI-augmented digital solutions that scale globally, covering enterprise integration, cloud migration, and broader digital transformation engagements.
Quantifiable outcome
- Accelerates time-to-market by 20-30% and maximizes productivity by over 30%
- +7 more outcomes
Companies that use Mitra Innovation
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Mitra Innovation technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability11 records
Feature8 records
Mitra Innovation partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, secondary and flagship.
- UK Government Crown Commercial ServicecoreMitra is listed as an official G-Cloud 14 supplier on the UK Government's Digital Marketplace under Lots 1-3 (cloud hosting, cloud software, cloud support services), enabling direct procurement by UK public sector entities through a pre-approved framework.
- AWS (Amazon Web Services)coreAWS serves as the cloud infrastructure platform for Mitra's mAI Assistant product, which is built on AWS Bedrock. Mitra also leverages AWS services including Trainium2 chips and Amazon Bedrock for AI solutions delivery to enterprise clients.
- Microsoft AzurecoreMicrosoft Azure is one of the primary API management tools used by Mitra's integration team for banking clients across Europe, Asia, Middle East, and Africa. Azure is leveraged for cloud hosting, AI development, and enterprise integration solutions.
- WSO2coreWSO2 is the primary integration platform used in customer engagements, notably powering Moneta Money Bank's digital transformation with a robust WSO2 integration platform for enhanced customer engagement and operational efficiency.
- MuleSoftsecondaryMuleSoft is one of the API management tools used by Mitra's integration team for banking sector clients, alongside Azure, AWS, WSO2, and Boomi.
- Boomi (Dell Technologies)secondaryBoomi is one of the API management tools used by Mitra's integration team for banking sector clients, alongside Azure, AWS, WSO2, and MuleSoft.
- Rocket SoftwarecoreRocketDev.AI is purpose-built for Rocket Software environments (UniVerse, UniData) using a domain-specialized LLM trained exclusively on Rocket syntax and multi-value data structures. Mitra is a partner in delivering Rocket Software modernization outcomes.
- Travis Perkins PLCflagshipTravis Perkins, a large UK hardware and construction retailer, partnered with Mitra for GenAI-powered legacy modernization of its ERP systems. Following a previous failed 4-year, £108M ERP modernization with another vendor, Mitra delivered results through a five-phase progressive modernization approach. CTO Phil Tenney participates in Mitra webinars as a thought leader.
- Aetna International (CVS Health)flagshipMitra partnered with Aetna International for digital platform modernization across 30 regulated markets, re-engineering legacy systems into a modern, modular, scalable platform. Former CIO Fariba Alim-Marvasti co-hosts Mitra webinars sharing insights from the transformation journey.
Scale indicators14 records
Recent moves6 records
Expansion highlights6 records
Mitra Innovation competitors and assessment
Company assessmentBroad incumbents
- Accenture: Global professional services giant with a large legacy modernization and cloud transformation practice serving Fortune 500 enterprises. Directly comparable as a Tier-1 enterprise modernization vendor, though vastly broader in scope than Mitra's AI-led niche.
- Cognizant: Major IT services firm with established banking, healthcare, and legacy modernization practices. Comparable enterprise customer base and digital transformation offerings, but at materially greater scale and without an agentic-AI legacy intelligence platform.
- IBM Consulting: IBM's consulting arm competes directly in mainframe and legacy system modernization (COBOL, AS/400), including watsonx-powered AI tooling. Closest large-vendor analog to Mitra's novolingo.ai-style modernization approach.
- Capgemini: European-headquartered IT services firm with deep UK, EMEA, and banking footprints and a dedicated digital transformation practice. Overlaps with Mitra's GTM in European banking and insurance modernization.
- TCS (Tata Consultancy Services): Global IT services leader with extensive legacy modernization, banking, and insurance practices serving many of the same Tier-1 enterprise customers as Mitra, at significantly greater scale.
- Infosys: Large IT services firm with a dedicated legacy modernization offering (Infosys Modernization Practice) and a Topaz AI suite. Comparable in enterprise modernization focus though broader in scope.
Direct peers
- CAST Software: Application intelligence and software analytics vendor targeting legacy modernization and technical-debt reduction. Comparable as a technology-led legacy intelligence layer for enterprises modernizing COBOL/RPG/AS400 stacks.
- Astadia: Specialist in mainframe and legacy modernization (COBOL, AS/400, RPG) with both services and tooling. Closest pure-play peer to Mitra's COBOL/RPG/MultiValue legacy modernization focus.
- Heirloom Computing: Specializes in COBOL-to-cloud migration and legacy modernization tooling for enterprises. Comparable niche and target customer profile to Mitra's novolingo.ai legacy modernization business.
Others
- Rocket Software: Vendor of UniVerse, UniData, and other MultiValue platforms and a Mitra technology partner. Highly relevant as the underlying ISV whose customer base represents Mitra's RocketDev.AI addressable market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Mitra Innovation social profiles
Digital presenceMitra Innovation compliance and trust
Trust signalCompliance4 records
Mitra Innovation financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mitra Innovation leadership team
Management profileNumber of profiles
Profiles9 records
Mitra Innovation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mitra Innovation M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mitra Innovation
What does Mitra Innovation do?
Mitra Innovation sells AI-first legacy modernization software and services built on its proprietary novolingo.ai agentic AI platform, which decodes decades of accumulated business logic in legacy systems (COBOL, RPG, Rocket UniVerse, UniData, AS/400) into a queryable Legacy Knowledge Graph. The company complements this platform with AI-enabled managed services (MSP+) and cloud-first digital services for cloud migration, API-led integration, and progressive transformation, alongside specialized AI products (RocketDev.AI, mAI Assistant, mAI Aura, Service IQ) targeting banking, Rocket environments, compliance, and IT support automation.
Is Mitra Innovation a public or private company?
Mitra Innovation is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Mitra Innovation founded?
Mitra Innovation was founded in 2013. It employs 251 to 500 people.
Where is Mitra Innovation based?
Mitra Innovation is headquartered in London, United Kingdom, in the Europe region.
How does Mitra Innovation make money?
Three revenue lines are on record. Managed Services Plus (MSP+) is the primary driver. The others are digital Services and novolingo.ai Platform Licensing.
Who are Mitra Innovation's main competitors?
Broad incumbents on record are Accenture, Cognizant, IBM Consulting, Capgemini, TCS (Tata Consultancy Services) and Infosys. Direct peers are CAST Software, Astadia and Heirloom Computing. Rocket Software is listed as an others.
Does Mitra Innovation have an API?
No public API is recorded for Mitra Innovation.
What industry is Mitra Innovation in?
Mitra Innovation's product category is Legacy Modernization Software. Its primary akta.pro industry code is BPAEAHAF, AI/ML Engineering & Model Development Services, with a secondary code of HDAEANAJ, AI Application Enablement Platforms (Copilot/Agent Frameworks, SDKs). Its NAICS code is 541511 and its SIC code is 7370.