Cloud9, a New York-based supplier of voice trading software, has raised $14 million in a funding round led by Barclays Bank with participation from JPMorgan and NEX Group.
The firm says the proceeds will be used to accelerate development and global roll-out of its SaaS-based voice communications platform, which provides a cloud-based replacement to traditional trading turrets, offering real-time provision of high-fidelity audio, trading metadata and transcription.
“For the last few years, Cloud9 has proven its commitment to fostering long-overdue innovation in the trader voice space,” says Kester Keating, head of US strategic investments at Barclays. “We were an early investor and believer in Cloud9, and we’re proud to support its continued growth and excited by the possibilities its technology can create.”
Barclays, JPMorgan and NEX previously invested $30 million in the firm back in 2016.
JPMorgan has since moved to onboard more than 2,000 internal traders and salespeople to Cloud9 as its primary tool for voice communication between the bank and its clients globally.
“Despite being a cornerstone of global financial markets, voice trading and its data have been siloed off from the intelligence that fuel capital markets strategies,” says Gerald Starr, CEO of Cloud9. “With the financial and strategic commitment of industry leaders such as Barclays, JPMorgan and NEX Group, we’re equipped to rapidly grow our role as the new standard for voice trading communications world-wide - ushering in an era in which voice is viewed as a key business asset.”