Quantopian scores USD 6.7 million from Khosla Ventures, Spark Capital
Quantopian received USD 6.7 million in new funding from private equity firms Khosla Ventures and Spark Capital. The latest capital commitments brought the firm's total funding to USD 8.8 million. Quantopian is a platform that enables developers to build and test algorithmic trading strategies. It currently has a community of 11,000 quants or quantitative analysts sharing and collaborating their work.
Quantopian Chief Executive Officer John Fawcett told TechCrunch that their platform supports independent traders. "It's directed at the individual who wants to strike out on their own. I saw that there were people practicing as quants today, who wanted to operate on their own but couldn't given compensation, lifestyle and the nature of funds," he said.
Launched early in 2013, Quantopian does not yet have a revenue model but already has 50,000 algorithms on the site. These comprise a decade of pricing data and history of US equities. Fawcett said, "We built this cloud infrastructure that has historical market data for U.S. equities and an integrated development environment where you implement two functions. We feed all the data through those two functions, which can decide when to buy or sell any security."