Algorithmic trading platform provider BestEx Research has closed a $5 million Series A funding round to support its development of futures and foreign exchange (FX) products.
The funding round was led by QC Ventures, an affiliate of quantitative investment manager Quadrature, and took BestEx’s valuation to a total of $50 million.
The BestEx Research end-to-end, multi asset global trading platform provides sell-side firms with algorithms via most execution management system (EMS) and order management systems (OMS) to reduce the costs of algo trading with a systematic and quantitative approach to execution.
BestEx Research, founded by industry veteran and former global head of trading at AQR Capital Management Hitech Mittal, confirmed the launch of its algo trading platform at the beginning of this year following three years of development.
In addition to the funding BestEx added that it had added QC Ventures and Quadrature co-founders, Suneil Setiya and Greg Skinner, to its board of directors.
“Today’s Series A investment announcement marks an important milestone for our business as it allows BestEx Research to continue on a rapid trajectory of growth throughout 2021,” said Hitesh Mittal, founder and chief executive of BestEx Research.
“Greg and Suneil founded a successful quantitative investment company and having their backing, along with their counsel and expertise will benefit BestEx Research tremendously,” added Mittal.
The news follows BestEx’s announcement in February that it had on-boarded US agency broker Triad Securities as its latest client user.