OpenFin Raises $4 Million in Series A Funding Round Led By Bain Capital Ventures
NEW YORK and LONDON, April 2, 2014-- OpenFin, a provider of secure HTML5 runtime technology for financial desktops, today announced it has raised $4.0 million in a Series A funding round. The round was led by Bain Capital Ventures, bringing OpenFin's total funding raised to date to $7.0 million. The funds will be used for product development and engineering team expansion in both New York and London.
"The financial services industry spends over $40 billion annually on IT and is undergoing a major technology transformation," Mazy Dar, chief executive officer, OpenFin. "Major banks, trading platforms and information providers across the industry are migrating their front-end desktop applications from older technologies to HTML5. OpenFin facilitates the migration through a secure, HTML5-compliant runtime which has been tailored for financial industry needs. The technology is already being used by three global banks with several more in active trials."
"Reducing development costs and improving the return on investment for trading and real-time data applications is a foremost priority for global financial firms, and their foreign exchange and trading desks worldwide," said Matt Harris, managing director, Bain Capital Ventures. "Currently, application technology lives in a hardwired desktop world. As firms increasingly migrate to HTML5, OpenFin provides an OS agnostic, open distribution model for efficiently building, deploying and integrating finance-grade applications. We're excited OpenFin selected Bain Capital Ventures to lead this round of funding and help them continue to marshal forward this step change in financial desktop technology."
Based on Google's Chromium open-source project, OpenFin allows HTML5 applications to provide native desktop experience in a highly secure and managed runtime environment. "Financial industry applications, such as trading and market data applications, have requirements for security, user experience and interoperability that aren't addressed by commercial web browsers," said Chuck Doerr, President and COO of OpenFin. "Firms are faced with the daunting task of building their own app container in order to deploy a rich HTML5 application. OpenFin eliminates the need for each firm to build their own container, cutting development costs and speeding time-to-market."
OpenFin also announced the recent hiring of Mark Josling as Vice President of Applications. Josling joins from IntercontinentalExchange (ICE) where he led product development for credit and fixed income trading platforms. OpenFin anticipates continued hiring to help customers progress and scale their HTML5 migrations.
OpenFin provides runtime technology for financial desktop applications. The company's patent-pending software enables desktop applications to be instantly deployable, interoperable and cross-platform while meeting the strict security and compliance requirements of financial institutions. Founded in 2010, OpenFin is backed by senior executives and entrepreneurs from the financial industry. The company is a graduate of the First Growth Venture Network, a New York based accelerator, and the FinTech Innovation Lab, a program sponsored by the Partnership Fund for New York City, Accenture, major financial institutions and leading venture capital firms. For more information please visit www.openfin.co.
About Bain Capital Ventures
Bain Capital Ventures is the venture arm of Bain Capital, which has approximately $70 billion of assets under management worldwide. The firm's history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 65 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm's history of backing successful IT and software companies includes Solarwinds, LinkedIn, Rapid7, Archer Technologies, Network Intelligence, AppAssure and Gartner. More information is available at www.baincapitalventures.com.
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