BestEx Research Group, a Stamford, CT-based provider of algorithmic execution solutions for equity, futures and foreign exchange trading, raised $10M in funding.
The existing backers who participated in the round, which brought total valuation to $110 million, were not disclosed.
The company intends to use the funds to accelerate its growth, expanding its global team as it prepares to roll out a differentiated suite of algorithms for FX and enhancements to existing tools for equities and futures.
Founded in 2017 and led by CEO Hitesh Mittal, BestEx Research Group is creating a new category of innovative, broker-neutral solutions that combine execution algorithms with a user-friendly dashboard and transaction cost analysis for multiple asset classes. The cloud-based platform is an independent algorithmic trading solution for equities, futures, and foreign exchange in all markets. The algorithms are reducing trading costs for buy-side managers and providing sell-side firms with a seamless trading solution for their clients.
Buy-side firms can access BestEx Research algorithms via most execution management systems (EMS) and order management systems (OMS) with no disruption to their workflow. Sell-side firms can use BestEx Research’s holistic Algorithm Management System (AMS) to build completely custom execution solutions with no coding required, support their clients via web-based dashboard, backtest custom strategies with its realistic exchange simulator, and measure performance with sophisticated transaction cost analysis (TCA). The platform can be tailored to provide a high-performance trading experience to any customer interested in reducing transaction costs and increasing transparency around execution.
The firm’s average daily trading volume has grown to over $2.1 billion with 25 clients now trading, and the team now includes 35 employees in three offices across the globe.
