Dublin-based latency management outfit Corvil has secured $12 million in a new funding round led by Vesbridge Partners and supported by existing investors ACT Ventures and Apax.
News of the funding comes a month after Corvil struck a major deal with Credit Suisse to use the vendor's CorvilNet system to flag up latency issues across its global trading network. Other recent customer wins include Deutsche Börse and the London Stock Exchange.
Donal Byrne, CEO says: "This new financing recognises Corvil's success in providing solutions for latency management to traders and network operators and architects in global financial markets."
Eight-year old Corvil has recently stepped up its marketing to European capital markets participants, where algorithmic trading techniques have driven demand for high performance low latency networks. The firm says it will use the new funding to build on its successes in penetrating the market in the past year.
The TABB Group has estimated that US capital market spending on advanced trading technology totalled $860 million in 2007 and expects spending to reach $1.3 billion by 2010.