Quantitative investment firm for digital assets Cambrian Asset Management has bagged $4.2m in its oversubscribed seed round.
The company managed to beat its initial target for the round, which had been set at $3m.
A number of angel investors led the round, including Renaissance Technologies co-founder Howard Morgan, IVP general partner Dennis Phelps and Business Insider co-founder Kevin Ryan. Tano Capital, which is the family office of the founding family of Franklin Templeton Investments, was also a lead investor.
Other contributions to the round came from Airbnb, BNP Paribas, The Carlyle Group, DRW & RGM Advisors, Fastly, First Round Capital, Founders Circle Capital, Goldman Sachs, Google, Instagram, Microsoft, Pinterest, SAC Capital, Standard Pacific Capital, Tata Capital, UBS, Winton Capital, as well as other angel investors.
With the capital injection, Cambrian Asset Management will enhance its technology infrastructure, operations, and research and development.
Founded in 2017, Cambrian supports the trading of liquid digital assets, including Bitcoin and Ether. The US-based company applies a data and software-driven approach to investment management, with the aim of limiting downside risks while improving investing.
Cambrian co-CIO and CEO Martin Green said, “Our mission is to be the premier quantitative investment firm focused on digital assets
“We are very early in the development of the digital asset market. Notwithstanding, we are encouraged by the exceptional opportunities we see by combining a data-driven, quantitative approach with rigorous risk management. We hope to build on a first-mover advantage in order to compound capital at an exceptional rate.”
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