Cloud9 Technologies, a US-based voice collaboration and analytics firm that offers advanced trader communication, voice analytics and transcription solutions, announced that it has completed a $17.5 million Series B funding round led by a strategic investment from UBS. Existing investors that took part in the funding round include J.P. Morgan and Barclays.
“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,” said Lee Fulmer, Global Head of Innovation Lab at UBS Investment Bank. Lee will join Cloud9’s Board of Directors this year. Fulmer is responsible for UBS Investment Bank’s innovation agenda, including the deployment of new third-party solutions that can enable enhanced performance through data and analytics.
“We have been strong supporters in Cloud9’s vision for cloud-enabled voice trading,” said Michael Elanjian, Head of Digital Innovation, Corporate & Investment Bank, J.P. Morgan. “We’re at a turning point in how technology is transforming trading floors and Cloud9 is playing a critical role in the evolution of voice trading.”
“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,” said Jerry Starr, Chief Executive Officer at Cloud9.
Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that eliminates the infrastructure and expense associated with legacy hardware and telecommunication-based solutions, with front-office focused data and transcription, purpose-built for the financial markets.
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