JP Morgan, Barclays and ICAP invest $30m in cloud technology firm

Cloud9 Technologies sees $30 million in funding which will be used to expand operations into new markets.

Cloud9 Technologies has secured $30 million in funding from the likes of JP Morgan, Barclays, ICAP and Point 72 Ventures.

The cloud communications provider will use the funding to accelerate the development of products and expand its services into new markets.

Recently, Cloud9 opened an office in Singapore to meet the growing demand for cloud technology in the region, and it has plans to expand into other markets as early as next year.

Other investors included buy-side firm Hudson Ridge Asset Management, which Cloud9 has said was one of its first customers.

Sanoke Viswanathan, chief administrative officer at JP Morgan’s corporate and investment bank, said Cloud9 will “empower our traders through its ease of use and management.”

Cloud9 currently has over 2,700 users in 29 countries.

Richard Kerschner, chief corporate development Officer of ICAP’s post trade, risk and information services division, added that the firm’s growth since its launch in 2014 “has paralleled the industry’s adoption of cloud technology.”

ICAP plans to adopt the technology in areas like workflow, compliance and advanced analytics, Kerschner explained.

CEO at Cloud9 Technologies, Gerald Starr, explained the firm will “continue to build a technology that acts as a catalyst in terms of changing the communication and process around trading.”