By Rosemary Barnes
Cloud9 Technologies, a cloud communications service provider that delivers high performance voice and collaboration services for institutional traders, announced today the close of a $30 million funding round.
Finance Magnates previously reported on Cloud9 in April after the firm announced a series A funding round from a consortium of financial institutions to help it expand its cloud-based voice trading communication solutions globally.
The latest round was led by JPMorgan Chase with ICAP, Barclays and Point 72 Ventures and also includes individual participation by the principals of several leading trading firms, including Hudson Ridge Asset Management, one of Cloud9’s early customers.
Gerald Starr, CEO of Cloud9 Technologies commented, “We are thrilled to welcome Point 72 Ventures and our other investors as we continue to build a technology that acts as a catalyst in terms of changing the communication and process around trading”.
He continued, “Cloud9 has ushered trader communication into the modern age, while bringing mobility, enhanced compliance and security, and more agile communication to the industry. With the close of this round, our team is poised to continue development of products and services that will change the way the financial industry and enterprise businesses communicate and collaborate.”
To date, over 2,700 users in 29 countries have adopted Cloud9 which has proved popular among financial services professionals due to the platform’s ease-of-use, mobility features, strong value proposition and interoperability with other solutions.
Rick Smith, Head of Private Investments at JPMorgan Chase added, “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 will use the funding to support innovation, accelerate the development of several products in great demand by its customer base and expand the service offering into new markets.
The firm also recently opened an office in Singapore to meet growing demand in the Asia Pacific region and has plans to expand operations in other markets by early next year.
The rapid growth of Cloud9 since the company’s launch in 2014 has run in parallel with the industry’s adoption of cloud technology. Cloud9 exploited the opportunity to extend the platform’s benefits into areas such as workflow, compliance and advanced analytics.
Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that features end-to-end security, encryption and advanced compliance capabilities, eliminating the infrastructure and expense associated with legacy hardware and telecommunication based solutions.
July saw the launch of Cloud9’s Gateway Service, which connects Cloud9 users to their counterparties, even for those not using the Cloud9 application. This interoperability gives traders and brokers an edge, allowing them to connect with counterparties that they otherwise might not have had access to via the Cloud9 community.