BestEx Research Group, LLC, a NYC and Stamford, Conn.-based provider of high-performance algorithmic execution and measurement solutions for equity, futures and foreign exchange (FX), raised $5m in Series A funding.
The round – which brings the valuation to $50m – was led by QC Ventures Ltd. In conjunction with the funding, QC Ventures Ltd. and Quadrature Co-Founders, Suneil Setiya and Greg Skinner joined BestEx Research’s Board of Directors.
The company intends to use the funds to accelerate rapid growth in its product design and development efforts, dashboard enhancements, analytics and other corporate developments as it prepares to roll out its futures and FX products.
Led by Founder and CEO Hitesh Mittal, BestEx Research Group is launching a new category of broker-neutral solutions that combine execution algorithms with a 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. Its algorithms are reducing trading costs for buy-side managers and providing sell-side firms a trading solution for their clients.
Sell-side firms can use BestEx Research’s holistic algorithmic solution to support their clients using its web-based dashboard, build tailored solutions by customizing everything from venue selection to strategy behavior in a web-based dashboard, and engage their clients with transparent solutions. In addition, BestEx Research’s tools can be customized for clients and provide an high-performance trading experience to any customer who wants to lower transaction costs.