OneChronos, the technology firm known for optimizing financial markets, today announced it has raised $32m in expansion capital.
This significant investment, led by Addition, aims to solidify OneChronos’ position in core business segments while enabling growth into new markets.
The company operates Smart Markets that enhance institutional trade quality through advanced matching technology. Its pioneering market, OneChronos ATS, is the fastest-growing off-exchange U.S. equities trading venue and has seen remarkable success, handling an average of more than $4.5 billion in daily trading volume for November.
With the new funding, OneChronos plans to extend its innovative technology to other asset classes and geographies. The company is also exploring opportunities beyond traditional capital markets, where its matching technology can introduce new efficiencies and unlock significant value.
OneChronos uses combinatorial auctions in its Smart Markets, a unique approach in capital markets, to optimize industry-standard measures of trade execution quality. This technology addresses technical challenges inherent in running a combinatorial auction at the speed and scale necessary for capital markets, deploying sophisticated optimization algorithms within milliseconds.
Kelly Littlepage, chief executive officer and co-founder of OneChronos, said, “This funding validates our team’s progress in traditional capital markets and will help us achieve our vision of leveraging advances in market design and AI to find trade efficiencies that grow the global economy.
“We’ve demonstrated how Smart Markets can transform trading in equities. Now we’re ready to bring these same innovations to other markets where traditional trading mechanisms leave significant value on the table.”
Andrew Miskiewicz of Addition also commented, “OneChronos has shown remarkable growth in traditional capital markets, and with this additional funding, we believe the company will be able to expand into new markets where significant value can be generated. We’re pleased to continue our support for the business as it looks to expand into new asset classes.”
Since its inception in 2022, OneChronos has facilitated more than $500bn in institutional securities transactions. The platform’s seamless integration with existing market structures has driven rapid adoption, with institutional clients increasingly connecting and expanding their use.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
