HTML 5 specialist OpenFin raises $4 million
02 April 2014 | 2915 views | 0
OpenFin, a provider of secure HTML5 runtime technology for financial desktops, today announced it has raised $4.0 million in a Series A funding round.
The round was led by Bain Capital Ventures, bringing OpenFin's total funding raised to date to $7.0 million. The funds will be used for product development and engineering team expansion in both New York and London.
"The financial services industry spends over $40 billion annually on IT and is undergoing a major technology transformation," Mazy Dar, chief executive officer, OpenFin. "Major banks, trading platforms and information providers across the industry are migrating their front-end desktop applications from older technologies to HTML5. OpenFin facilitates the migration through a secure, HTML5-compliant runtime which has been tailored for financial industry needs. The technology is already being used by three global banks with several more in active trials."
"Reducing development costs and improving the return on investment for trading and real-time data applications is a foremost priority for global financial firms, and their foreign exchange and trading desks worldwide," said Matt Harris, managing director, Bain Capital Ventures. "Currently, application technology lives in a hardwired desktop world. As firms increasingly migrate to HTML5, OpenFin provides an OS agnostic, open distribution model for efficiently building, deploying and integrating finance-grade applications. We're excited OpenFin selected Bain Capital Ventures to lead this round of funding and help them continue to marshal forward this step change in financial desktop technology."
Based on Google's Chromium open-source project, OpenFin allows HTML5 applications to provide native desktop experience in a highly secure and managed runtime environment. "Financial industry applications, such as trading and market data applications, have requirements for security, user experience and interoperability that aren't addressed by commercial web browsers," said Chuck Doerr, President and COO of OpenFin. "Firms are faced with the daunting task of building their own app container in order to deployeploy a rich HTML5 application. OpenFin eliminates the need for each firm to build their own container, cutting development costs and speeding time-to-market."
OpenFin also announced the recent hiring of Mark Josling as Vice President of Applications. Josling joins from IntercontinentalExchange (ICE) where he led product development for credit and fixed income trading platforms. OpenFin anticipates continued hiring to help customers progress and scale their HTML5 migrations.