EquaMetrics Inc., a company that develops algorithmic trading application, revealed on Friday that it closed the final US $2 million seed capital from angel investors. The latest round raises the company's total fund to US $4.5 million.
The new fund will be utilized to enhance infrastructure, personnel and marketing promotions for RIZMTM, the company's main algorithmic trading software. The said application, which has been released commercially in June, earned positive reviews.
Chris Ivey, CEO of EquaMetrics, said that they are very optimistic about the market potential of the RIZM after early customer feedbacks.
"We are now beginning conversations with strategic partners in the venture community who share our interest in taking RIZM to the next level," he said. Ivey defined the next level as "revolutionizing the algorithmic trading landscape, and establishing what Wall Street 2.0 means to the world."
The RIZM application is being offered on a monthly subscription for a minimum price of US $99, the company said.
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