Investment accelerates launch of IntelligentCross, the industry’s first AI-powered “Smart Venue”
Stamford, CT — Imperative Execution, a financial technology company that created IntelligentCross, a new trading venue for institutional investors, announced today it has completed a $9 million Series A round of financing. The investment round included participation from prominent buy side firms, industry executives and leading venture capital funds. It follows a $5 million five-investor seed round in 2017 and provides Imperative Execution with funding to grow IntelligentCross, launched in September. IntelligentCross is a smart venue, pioneering the use of Artificial Intelligence (AI) at the venue level. It uses AI-assisted scheduled matching, engineered to reduce market impact – a key implicit cost of trading.
Roman Ginis, Founder & CEO of Imperative Execution, commented: “We founded Imperative to create more efficient markets. Market efficiency for institutions is about market impact – a measure of price dislocation during trade execution. It affects everyone with an investment account from Main Street to Wall Street. The brokerage community has done an impressive job of developing advanced execution algorithms to help with this, but trading venues – exchanges and alternative trading systems that match buyers and sellers – have lagged in innovation. We believe our approach to market design, building smart venues that optimize for investor objectives, has the potential to truly transform trading in the same way that smartphones have transformed our communications. We are pleased to secure this next round of funding to pursue our mission to make the market more efficient.”
Larry Tabb, Founder and Chairman of Tabb Group, commented: “The impact of institutional investors’ trades on the market has been one of the most significant issues since the days of the Buttonwood tree. The average US equities transaction size has dropped below 200 shares per trade, which has made this challenge even more pressing. The application of AI to dynamically address this problem has the potential to be a game changer, and early results are truly encouraging.”
IntelligentCross is currently accessible through major electronic execution providers. Its key features are as follows:
About Imperative Execution
Imperative Execution is a financial technology company that engineers smart, efficient trading venues. It focuses on improving market efficiency with systems and platforms that optimize for investors’ trading objectives. Founded by financial industry veterans and trading technology experts, Imperative Execution is the parent company behind IntelligentCross, its first “smart venue” Alternative Trading System.
IntelligentCross is a broker-dealer and Alternative Trading System (ATS) using artificial intelligence (AI) to reduce market impact. A wholly-owned subsidiary of Imperative Execution, IntelligentCross is the industry’s first smart venue to use machine learning and AI to optimize order matching to help investment managers reduce costs while maximizing liquidity. To learn more, visit intelligentcross.com.