JPMorgan Chase, Icap and Barclays are among the big names that have joined a $30 million Series A funding round for cloud-based trading communications provider Cloud9 Technologies.
JPMorgan, Barclays and Icap are all existing investors in the startup and have been joined in this round by Point72 Ventures and individuals from several trading firms.
Launched in 2014, Cloud9 has signed up more than 2700 users in 29 countries for its technology, which helps connect counterparties across asset classes, promising end-to-end security, encryption and advanced compliance capabilities.
By using the cloud, the firm says it eliminates the infrastructure and expense associated with legacy hardware and telecommunication-based tech for its clientbase of brokerages, sell-side firms and tier one banks.
The new funding will be used to push through the development of new products and expand into new markets.
Rick Smith, head, private investments, JPMorgan Chase, says: "We believe that Cloud9 will empower traders through its ease of use and management, while improving efficiency, enhancing compliance and reducing communications costs."