UK firm, Tallarium, an energy market price discovery platform, has been given a surge as it raises $1.6 million to support ongoing product development.
XTX Ventures and Reciprocal Ventures are the named investors in the round, bringing the total raised by Tallarium to date to $7 million.
“As innovators in trading ourselves, we are always looking for partnership and investment opportunities in exciting companies making a real contribution to financial markets. We were impressed by Tallarium’s technology, its people and its focus on solving a real problem in energy market trading, by providing definitive product pricing information where none has existed before,” says Mike Irwin, COO at XTX Markets.
“We’re delighted to have secured the backing of key strategic partners such as XTX and Reciprocal Ventures, who bring with them deep domain expertise in data and capital markets. They will contribute their experience and invaluable advice to our team as we continue to grow and this additional funding will allow us to accelerate our development and scaling even further. We look forward to a long and successful relationship with our new investors,” says Stanislav Ermilov, Founder and CEO of Tallarium.
Tallarium’s platform automatically gathers and structures pricing information from broker chat messenger and voice conversations to create the definitive price discovery platform for the entire market. Its advanced data analytics provides a step-change in off-exchange energy trading, making manual data-entry and analysis obsolete, increasing efficiencies and helping traders to maximise the potential of every trade.
“Tallarium will help bring all the benefits of digitisation to energy traders, such as centralised pricing and access to increased liquidity, without asking traders to change the way they trade. Our technology empowers energy traders to trade more profitably by capturing more opportunities and helping them to manage and respond to market risk more effectively,” added Ermilov.
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