Cloud9 Sees $30 Million in Latest Investment Round
Cloud9 Technologies, a software development company, offers its cloud-based communications suite to banks, brokerages, and similar businesses that participate in asset trading to meet the regulatory demands of the trading industry and the individual desires of their customers. It has provided many businesses with software that utilizes WebRTC for smooth audio and video transmissions within their web browsers, and now it hopes to continue that mission by properly utilizing its latest $30 million investment.
This month, Cloud9 announced that a number of high-profile investors – JPMorgan Chase & Co., which led this round, and Barclays, ICAP, and Point72 Ventures, as well as individual investors from firms such as Hudson Ridge Asset Management – collaborated to offer $30 million for expansion of its products and services.
TMC wrote earlier this year about the involvement of these firms, noting that Cloud9’s business model involves replacing telephone-based trading hardware with secure and industry regulation-compliant software that can work just as well as the tried-and-true methods of the past. Previous growth from the software development company has allowed it to open a new office in Singapore that will support further growth in Europe, the Middle East, Africa, and Asia Pacific regions.
Gerald Starr, the CEO of Cloud9, commented on his company’s mission and the benefit this round of funding will provide for his future goals.
“Cloud9 has ushered trader communication into the modern age, while bringing mobility, enhanced compliance and security, and more agile communication to the industry,” Starr said. “With the close of this round, our team is poised to continue development of products and services that will change the way the financial industry and enterprise businesses communicate and collaborate.”
The company announcement pointed to this round finding an essential place in innovation of new product features and faster introduction of alpha and beta features into commercial release. Such new features have included the Gateway Service that allows Cloud9 users to speak with individuals not yet on the Cloud9 software. TMC’s coverage of that launch provides further detail into the individual product and the mindset of a company clearly on an upward trajectory.
Edited by Maurice Nagle