In private beta for the past six months, Denmark-based Magick, a provider of visual strategy editing and cloud hosting services for algorithmic traders, is announcing the closing of an around $300,000 seed investment and that it plans to launch live next week. Founded by Saxo Bank alums, Mikael Breinholst and Anton Hughes, Magick aims to simplify the process of creating and executing automated strategies without the need of programming languages.
Leading the seed investment is Hamburg, German-based EJ Ventures, who was joined by Danish and international angel investors. According to Breinholst, the funding will “support our sales and marketing efforts over the next six months,” as they launch their product next week and develop their company.
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Commenting on the upcoming launch, Breinholst explained to Forex Magnates that the last six months have included private beta testing of traders from around the world who have provided feedback for the product. Explaining their product, Breinholst stated, “Magick is really all about taking powerful proven technology and making it available to retail traders. Many firms are using Complex Event Processing as the basis of their automated trading tool box. Magick is the first to reduce the $100,000 price tag of such systems, making it accessible, usable and affordable to any FX/CFD trader.”
He added that on launch, Magick will be available as a monthly subscription to private traders for creation and production of their automated trading. Breinholst also mentioned that Magick is holding discussions with several Forex brokers for distribution partnerships.