Google Alphabet is to participate in a new round of funding for bank-backed messaging platform Symphony, valuing the startup at $650 million.
Launched last month by a 14-strong consortium of sell-side brokers, Symphony plans to challenge Bloomberg's dominance as the default messaging medium for traders. Symphony's backers have invested $66 million in the platform, rolling up secure communications outfit Perzo, the technology assets of Markit's Collaboration chat unit and securing a deal with Dow Jones for financial news and research.
Google's re-organisation into Alphabet takes effect from today and the newly-re-badged agglomeration of companies has pledged to grow its Ventures and Capital investment arms as part of the new structure.
Google and Symphony have yet to confirm a deal publicly, so speculation surrounds Alphabet's interest in the fledgeling messaging platform, but it is likely that an exchange of technology assets and progression of the company beyond the financial markets to users of other Internet messaging platforms is a key attraction.