New York, USA-based technology company leveraging advances in auction theory and artificial intelligence to optimize financial markets, OneChronos raised USD 40 million in Series B. The round took place on September 29, 2023. Addition led the financing for the company.
Purpose of financing for OneChronos
With the latest proceeds from the Series B financing, OneChronos has plans to fund expansion into new markets. It also seeks to launch new products further, allowing additional strategy-level constraints within auctions. This, in turn, unlocks mutually beneficial trading opportunities missed by legacy auction and market formats. It also enhances the potential execution quality of trading algorithms and workflows.
What the company’s official has to add
Kelly Littlepage, Chief Executive Officer and Founder of OneChronos 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 optimize their investment objectives.”
What the investor has to comment
Andrew Miskiewicz, Investor at Addition, further 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.”
About the company
Stephen Johnson and Kelly Littlepage co-founded the company. OneChronos operates Smart Market periodic auctions at the speed, scale, as well as resiliency required of the most demanding electronic capital markets. The company first launched operations with U.S. equities. The auctions optimised for “best execution” fostered competition on quality of transaction rather than speed. The Company has so far facilitated more than USD 60 billion in institutional securities transactions. Its volumes grew more than 35% month over month. OneChronos’ network boasts more than 45 banks, brokers, and dealers. It services thousands of asset managers for their electronic trading needs. The OneChronos team operates at the intersection of state-of-the-art computer engineering, AI/ML approaches, mechanism design, and operations research, all of which are applied to capital markets in order to meet these unique needs.
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