Correlix, who just two months ago raised $8 million in a funding round led by Sequoia Capital, attracted additional financing from Vernon & Park Capital who along with other Correlix investors see a need for latency solutions to benchmark and optimize resource utilization. Correlixâs innovative Latency Intelligence solution enables pinpointing performance optimization points to reduce trade execution and market data latency, saving precious milliseconds on every trade.
âManaging trading latency is critical to seizing market opportunities and maintaining a competitive advantage. The need to be first, both to receive market data and execute trades driven by it, is increasingly important for firms to maintain and increase their profitability,â said Jim Ginsburg, managing partner of Vernon & Park Capital. âCorrelix has a unique and flexible way to address this growing need, and we expect to see increased demand from users within the buy-side, sell-side and Exchange, ECN and ATS trading firm communities.â
âWhile we have enjoyed strong growth over the last year, this level of investment and the quality of the investors gives us the additional capacity to be more aggressive in both opportunity development and in serving our customersâ needs,â said Shawn Melamed, CEO of Correlix. âThe addition of Vernon & Park Capital to our existing group of investors will provide us with their deep domain expertise and broad industry relationships to benefit our business development efforts.â
Vernon & Park Capital joins the existing investor group of Sequoia Capital, Genesis Partners, Blumberg Capital and Xenia Ventures. Terms of the transaction were not disclosed.