In a groundbreaking development, OneChronos, a technology company specializing in harnessing cutting-edge auction theory and artificial intelligence (AI) to revolutionize financial markets, has announced the successful completion of its Series B investment round, securing an impressive $40 million in funding.
This remarkable financing round was spearheaded by Addition, a move that has garnered significant attention due to OneChronos’ pioneering approach to capital market transactions.
OneChronos is at the forefront of innovation with its operation of Smart Market periodic auctions, conducted at a pace, scale, and level of resilience that meet the stringent demands of electronic capital markets. Initially focusing on U.S. equities, these auctions prioritize “best execution,” establishing a competitive environment based on transaction quality rather than speed. Since its launch in Q3 2022, OneChronos has facilitated over $60 billion in institutional securities transactions, witnessing an astonishing monthly volume growth exceeding 35%.
With the newly secured funding, OneChronos is poised to expand into new markets and introduce groundbreaking products that enable additional strategy-level constraints within auctions. The ultimate goal is to unlock trading opportunities overlooked by conventional auction and market formats, thereby enhancing the potential execution quality of trading algorithms and workflows.
Andrew Miskiewicz, an investor at Addition, expressed unwavering confidence in OneChronos’ innovative trajectory, stating, “OneChronos has unequivocally demonstrated the execution quality advantage of its product in a fiercely competitive and well-established market. We eagerly anticipate supporting the OneChronos team as they continue to address the unique challenges of operating high-speed Smart Markets, positioning themselves as industry leaders.”
OneChronos further distinguishes itself with its interdisciplinary team, proficient in computer engineering, AI/ML approaches, mechanism design, and operations research. They apply these disciplines to capital markets, conquering unprecedented challenges in speed, scale, and resilience, essential for conducting auctions within milliseconds.
Kelly Littlepage, CEO of OneChronos, shed light on the company’s origin and mission, stating, “We established OneChronos as a team comprising institutional investors, traders, and technologists who deeply understand the cost and complexity of institutional trading and the significant investment returns lost due to market friction.”
He continued, “Markets like digital display advertising drew inspiration from capital markets but quickly surpassed them after witnessing the compelling results that modern market mechanisms delivered. Capital markets still rely on mechanics dating back over 200 years, predating modern theory and computing capabilities. We are incredibly excited to partner with Addition on our journey to change that and contribute to the global GDP by helping institutions optimize their investment objectives.”
Photo Source: Google
October 2, 2023
Delino Gayweh
Serrari Financial Analyst
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