Cloud9 Technologies secures $17.5m funding for cloud-based communications
Cloud9 Technologies, a cloud-based communications provider, has raised $17.5 million in a Series B funding round led by Swiss investment bank UBS alongside participation from existing investors such as J.P. Morgan and Barclays.
The New York City-based company calls itself to be a voice communication and analytics platform designed to address the unique requirements of the financial markets. Cloud9 Technologies is said to have developed a solution that makes use of the voice communication talk path for the trading floor of the future, thereby providing more functionality and analytic insight compared to legacy hardware at a fraction of the cost.
Lee Fulmer – Global Head of Innovation Lab at UBS Investment Bank said: “Our decision to invest in and partner with Cloud9 makes sense for many reasons. 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.”
Through a cloud-based communication platform, Cloud9 Technologies is said to connect counterparties across all asset classes to remove the infrastructure and expense related to legacy hardware and telecommunication-based solutions by offering front-office focused data and transcription, purpose-built for the financial markets.
Jerry Starr – CEO of Cloud9 Technologies said: “Whether it’s working from an office or from home, traders and financial institutions want optionality and that’s what we’re providing. The transition to a virtual, cloud-based trading floor is accelerating as the industry recognizes the importance of a more flexible and intelligent voice communications model.”