Tbricks gets EUR4m funding for European and US expansion
10 November 2008 | 3915 views | 0
Swedish automated trading software outfit Tbricks has raised EUR4 million from investors led by London-based venture capital firm DN Capital, which will be used to expand into Europe and the US.
The firm now plans to push its Genesis platform, which is designed to support high speed automated trading across multiple asset classes, into Europe and the US.
Jonas Hansbo, CEO, Tbricks says: "Current trading systems cannot cope with the volume and speed required for modern trading. Built without legacy constraints, Tbricks' Genesis sets a new benchmark for trading systems in terms of scalability, performance, flexibility and user friendliness."
Tbricks was founded in 2006 by former employees of Orc Software, Jonas Hansbo, Joakim Johansson, Aleksey Dukhnyakov, Erik Heimdahl and Ronny Wester.
They walked out en-masse from Orc in late 2006, following conflicts with then CEO Jonas Lindström over internal processes and the future direction of Orc products. Around ten senior developers left the firm, including CTO Joakim Johansson and algo trading head Jonas Hansbo.
It currently has 30 employees and is headquartered in Stockholm with development facilities in St Petersburg. DN Capital was already an investor in the firm and is represented on the board.
Nenad Marovac, managing partner, DN Capital, says: "As the inventors of much of Orc's intellectual property within trading systems, the founders of Tbricks are building on a world class track record. With the world's fastest and most robust algorithmic trading platform, Tbricks undoubtedly plays a critical role in this fast growing and incredibly exciting market."