US-based voice trading platform Cloud9 Technologies received $30m in funding yesterday from a consortium led by financial services firm JPMorgan Chase.
Money broker Icap and financial services provider Barclays also participated in the round alongside venture capital fund Point72 Ventures and a range of individual investors hailing from trading firms including Hudson Ridge Asset Management.
Founded in 2014, Cloud9 operates a cloud-based communications platform for the financial sector. The technology provides compliance for voice trading through end-to-end security and encryption while also making it possible to connect to users not yet on the platform.
The money will go towards product development and further international expansion early in 2017, building on the company’s recent opening of an office in Singapore. JPMorgan Chase, Barclays and Icap previously provided an undisclosed amount in series A capital for Cloud9 in April 2016.
Rick Smith, head of private investments at JPMorgan Chase, said: “Cloud9’s technology inspired us to revisit our trader voice communication strategy and related workflow. We believe that Cloud9 will empower traders through its ease of use and management, while improving efficiency, enhancing compliance and reducing communications costs.”
Cloud9 Technologies is unrelated to Cloud9 IDE, the US-based collaboration tool developer acquired by e-commerce group Amazon in July 2016.