A $5 Million Funding Raised by BestEX Research for Fueling FX and Futures
In the recent reports, it has been announced by BestEx Research that it has managed to raise a fund of $5 Million. The firm confirmed that it managed to raise this amount from the Series ‘A’ funding round. It has also confirmed that it has now closed its Series ‘A’ funding round with a $5 Million figure.
The firm had recently announced what purpose would the funding raised in Series ‘A’ round would serve. The funding raised from the series ‘A’ round will be used to support the firm’s development of foreign exchange (FX) and futures products.
The series ‘A’ funding was conducted and led by QC Ventures. QC Ventures is known as an affiliate of Quadrature, which is a quantitative investment manager. It was the QC Ventures that managed to help BestEx in achieving a total valuation of $50 Million.
BestEx Research’s global trading platform is based on the multi-asset and end-to-end protocols. It is known for providing Algorithms to sell-side firms. The firm has been reported for using systems such as the order management system (OMS) and the execution management system (EMS).
The firm announced that with its unique mechanism, it will be able to reduce Algo-trading transaction costs through a quantitative and systematic approach to execution.
The BestEx Research was founded by Hitesh Mittal, who is known as an industry veteran. In addition to being an industry veteran, Hitesh Mittal was also the global head of trading at AQR Capital Management in the past.
It was Hitesh Mittal who announced the launch of their platform based on Algo-trading right at the beginning of this year. However, the initial announcement was made by Hitesh Mittal almost three years ago that they were planning to launch an Algo-trading platform.
Apart from BestEx Research’s funding, the firm also announced that it has added two new members to its board of directors. The firm announced that the first member added is the co-founder of Quadrature ‘Greg Skinner’. The second member is the co-founder of QC Ventures ‘SuneilSetiya’.
With the announcement of the Series ‘A’ Investment, the firm stated that they are glad to say that they achieve a new milestone for their business. The officials of BestEx Research stated that with the help of Series ‘A’ Investments, the firm has set on the right track. The firm will continue to perform its research and made developments and growth in the entire year of 2021 without any obstacles.
Hitesh Mittal also commended the role that Suneil and Greg have played in finding their companies and keeping them on the right track. He made a statement that both individuals founded and are running quantitative investment companies that are very successful.
Mittal added that with Suneil and Greg on-board, their company will have so much to learn and gain from their knowledge and expertise.