AlgoTrader AG, a Swiss provider of automated algorithmic trading platforms, on Wednesday announced the closure of its Series A funding round, securing CNF 3.7 million (around $3.8 million).
Led by an unnamed tier 1 bank, the participants of the fresh funding round include BlockChain Valley Ventures and NeueCapital, an existing seed round investor in the firm.
In his statement, Andy Flury, chairman and CEO of the company, said: “Since our inception, AlgoTrader has built one of the world’s most powerful quantitative trading and trade execution platforms on the market. We are excited about the trust of our investors to receive this new round of capital and build upon our leadership in five key areas: vision, product, customer support, partnerships with a team of industry experts.”
Since its inception in 2014, the Zurich-headquartered company has been focused on building automated quantitative trading platforms for several asset classes, including cryptocurrencies. It has structured its business in two lines – one is for traditional finance while the other is for crypto.
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With the fresh proceeds, the firm is aiming to grow and expand its business in both Switzerland and other countries, the announcement detailed.
Apart from the funding, the company has also announced the appointment of Roger Altorfer to its four-member board of directors.
He is bringing over 20 years of experience to the table and has expertise in both finance and tech from his tenures in firms like Microsoft and IBM.
“With the addition of Roger Altorfer, we have gained a proven software and financial industry expert. I am already looking forward to working with Roger and I am sure he will be a great asset and an important pillar for the future success of AlgoTrader,” Flury added.