Cloud9 Technologies Raises $30 Million Round From JPMorgan, Barclays, ICAP And Point72 Ventures
Cloud9 Technologies, a provider of secure communications platforms for financial institutions, closed on a $30 million funding round led by JPMorgan Chase & Co. (NYSE: JPM). ICAP plc (ADR) (OTC: IAPLY), Barclays PLC (ADR) (NYSE: BCS) and Point72 Ventures also participated in the round, as well as individual investors from trading firms that were some of the company’s earliest customers.
Cloud9 Technologies’ platform is a cloud-based communication system that lets traders place trades and communicate with the back office. Its service is end-to-end encrypted and supports voice chat as well as integration into 3rd-party apps.
The service has over 2,700 users in nearly 30 countries, according to a press release announcing the fundraiser.
The company’s platform has the potential to replace the trading turret, the current mainstay of trader communications technology, and "cut Wall Street's landline," wrote Point72 Ventures partner Pete Casella in a Medium post earlier this week.
“In spite of the trading turret’s outdated technology and functional limitations, the financial services industry spends an estimated $1 billion-plus per year buying, replacing and supporting these devices,” Casella wrote. “Given the increasing demands for better compliance across all communications channels, renewed focus on cost reduction, along with the need for better features and functionalities, it is time for voice communications in the financial services industry to modernize. We at Point72 Ventures and our parent Point72 Asset Management are excited to play our role in helping the industry, our peers and counterparties finally realize the benefits of the modern world of communications.”
Image Credit: Provided by and used with expressed permission from Cloud9.
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