Cloud9 Technologies, a cloud-based voice trading communication provider for financial firms and institutional traders, announced today the closing of a $14 million Series B fundraising with J.P. Morgan, NEX Group, and Barclays.

Cloud9 replaces traditional telephone-based trading hardware, aka turrets, the current mainstay of trader communications technology. Instead, the company’s platform delivers real-time voice communications while adhering to compliance and security standards required by financial professionals. Its service is end-to-end encrypted and supports voice chat as well as integration into 3rd-party apps.

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Finance Magnates previously reported on Cloud9 after the firm announced a series A funding round from a consortium of financial institutions to help it expand its cloud-based voice trading communication solutions globally.

The service has over 5,000 institutional users in nearly 30 countries, according to a press release announcing the fundraiser.

“In addition to its investment, Barclays will work with Cloud9 on the acceleration of the Company’s adoption across the industry. This follows JPMorgan’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 globally,” it added.

The industry’s adoption of cloud technology

Cloud9 will use the funding to support innovation, accelerate the development of several products to meet demand by its customer base and expand the service offering into new markets.

Cloud9 connects counterparties across all asset classes via a cloud-based communication platform. The company believes that with increased adoption by the industry, it could save banks up to $1 billion in annual costs related to telecom equipment and services.

The rapid growth of Cloud9 since the company’s launch in 2014 has run in parallel with the industry’s adoption of cloud technology. Cloud9 exploited the opportunity to extend the platform’s benefits into areas such as workflow, compliance and advanced analytics.