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UBS leads $17.5m funding round for voice trading tech supplier Cloud9

UBS leads $17.5m funding round for voice trading tech supplier Cloud9

Cloud9, a New York-based supplier of voice trading software, has raised $17.5 million in a Series B funding round led by UBS and joined by existing investors JP Morgan and Barclays.

Cloud9 says it has seen new business increase by over 50% since March, as it has onboarded several of the world's top global banks and investment management firms. The company is riding the wave of an increasing need for 'anytime, anywhere' access to a virtual trading floor, particularly during the Covid-19 pandemic lockdown.

Unlike providers of remote log-in services, which still rely on physical servers at key locations, Cloud9 claims to be the only fully compliant and cloud-based voice communication system that meets the needs of users from the largest global banks and specialist trading firms.

Lee Fulmer, global head of innovation lab, UBS Investment Bank, says: "Not only are we committed to equipping our own traders with tools for seamless and agile communications - even more relevant today during the current Covid-19 crisis - but also because we see many benefits to a cloud-based environment and the data insights that come with it."

Jerry Starr, CEO, Cloud9, adds: "The transition to a virtual, cloud-based trading floor is accelerating as the industry recognises the importance of a more flexible and intelligent voice communications model."

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