News analytics company Acuity Trading announced that it has secured funding from the Jenson EIS Fund valuing the company at almost €1 million. The firm has already delivered a sentiment analysis solution to the retail foreign exchange investor. Most notably, the company recently announced a partnership with one of the biggest brokers in the Middle East, ADS Securities.
The Jenson Seed EIS Fund is a joint venture between the professional services firm Jenson Solutions and the independent alternative asset management company Foresight Group.
According to the company’s announcement, Acuity Trading will use the funding to expand into key retail markets, invest in sales and marketing resources and further develop its analytics capabilities and expand into new asset classes, including equities.
Speaking to Forex Magnates’ reporters, the company’s founder and Managing Director, Andrew Lane, shared that the firm is looking to hire a sales manager in London and a marketing director.
Acuity Trading is also currently working on new products to be delivered to the market later this year, and has already committed resources to expanding its team of software developers.
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The current flagship product provided by Acuity Trading is designed to provide traders with a sentiment aggregating tool scouting the world wide web for information specifically related to a selected currency pair or any other asset for that matter.
Acuity Trading’s solution captures the underlying mood of the investment community towards the market. Traders can easily grasp what portion of an incoming announcement is already priced into the market through the sentiment on a given currency pair or asset and devise their trading strategies accordingly.
Mr. Lane commented in the announcement, “News and opinion has notoriously influenced the financial markets and in today’s information age investors have access to a paralysing volume of news from fragmented sources.”
“Investors no longer rely on the traditional news feeds, but instead are migrating towards open source material and social media. News analytics technology allows investors to harness this breadth of information, drawing out market consensus on a large scale to accompany more traditional, historical market data to help make more informed trading decisions,” he explained.
With the new round of funding, Acuity Trading also welcomed on board David Adair, who is a Jenson Solutions partner. He worked for a number of years in media, and served as CFO and CEO for various film and television companies, as well as a spell at HSBC Investment Bank as a Pan-European Media Analyst.
Mr. Adair commented in the announcement, “Acuity Trading fits with our vision to help small to medium sized businesses achieve their potential. The company is at the forefront of financial technology and is changing the way investors make decisions on their investment portfolios.”