Barclays and JP Morgan lead $14m funding in Cloud9
The money will be used for the development and roll-out of its Software-as-a-Service (SaaS) based voice communications platform. The digital platform is used for workflow integration, surveillance, and compliance.
Gerald Starr, CEO of Cloud9, says the firm can be the “new standard for voice trading communications world-wide – ushering in an era in which voice is viewed as a key business asset”.
According to Cloud9, its platform “provides a comprehensive cloud-based replacement to traditional trading ‘turrets’; immediate access to a growing pool of liquidity; full interoperability with third-party systems; and real-time provision of high-fidelity audio, trading metadata and transcription”.
In addition to its investment, Barclays will work with Cloud9 on promoting the platform.
This follows JP Morgan’s earlier decision 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.
Cloud9 was founded in 2014. In 2016, it received a $30 million capital investment from various firms, including JP Morgan, Barclays, NEX Group and Point72 Ventures.