OneChronos, a technology company focused on leveraging advances in auction theory and artificial intelligence (AI) to optimise financial markets, has announced the successful completion of its Series B investment round, raising $40m.
The financing round was spearheaded by Addition, drawing considerable attention to OneChronos’ unique approach to capital market transactions.
The company operates Smart Market periodic auctions at a pace, scale, and resilience demanded by the most exigent electronic capital markets. Beginning with U.S. equities, these auctions prioritise “best execution,” creating a competitive environment based on transaction quality rather than speed. Since its launch in Q3 2022, OneChronos has facilitated over $60bn in institutional securities transactions, witnessing a staggering monthly volume growth of more than 35%.
OneChronos intends to utilise the newly secured funding to expand to new markets and introduce novel products that enable additional strategy-level constraints within auctions. The objective is to unlock trading opportunities that are missed by conventional auction and market formats, and subsequently, enhance the potential execution quality of trading algorithms and workflows.
Andrew Miskiewicz, investor at Addition, conveyed robust confidence in the innovative trajectory of OneChronos. He said, “OneChronos has clearly demonstrated the execution quality advantage of its product in a highly competitive and established market. We look forward to supporting the OneChronos team as they continue solving the unique challenges of operating high-speed Smart Markets, positioning them as the industry leader.”
Moreover, OneChronos stands out with its interdisciplinary team that navigates through computer engineering, AI/ML approaches, mechanism design, and operations research, applying them to capital markets to overcome unparalleled challenges in speed, scale, and resilience, required to run auctions within milliseconds.
OneChronos CEO Kelly Littlepage elaborated on the company’s foundation and mission. He said, “We founded OneChronos as a team of institutional investors, traders, and technologists with a deep appreciation for the cost and complexity of institutional trading and the staggering investment returns lost to market friction.
“Markets like digital display advertising drew their inspiration from capital markets but quickly evolved beyond after seeing the compelling results modern market mechanisms delivered. Capital markets still use 200+ year-old mechanics predating modern theory and computing capabilities. We’re incredibly excited to partner with Addition in our journey to change that, and grow the global GDP by helping institutions better optimise their investment objectives.”
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