NEW YORK--(BUSINESS WIRE)--MarketReader, a market analytics company that identifies and explains price action in real time, has closed an oversubscribed seed funding round of $3.1M, led by angel investors largely comprised of family offices and financial advisors. The funding will fuel the development of MarketReader’s user platform that will deliver real-time, data-driven explanations of price movement across asset classes to financial advisors and retail investors.
“We are thrilled to close this funding round that will allow us to rapidly develop and launch our revolutionary user platform,” said Jens Nordvig, MarketReader Co-Founder and CEO. “Everyone wants to know why the market is moving. MarketReader offers advisors a never-before-seen tool that massively increases efficiency by answering this question.”
MarketReader plans to launch its user platform in 2023 on a monthly subscription basis. The platform will feature live data and analytical tools to help users understand not only what is moving in the market, but why. The initial feature set will be designed specifically for financial advisors and wealth managers, but the company plans to add features catering to the broader retail and institutional investing markets.
“Although 2022 presented a challenging environment for many companies to raise capital, we are excited that savvy investors saw the potential of MarketReader,” continued Nordvig. “When people see a good idea, they still want to embrace it. Financial advisors and family offices saw the usefulness of this concept for their own practices and decided to invest due to the sheer functionality of the end product.”
“It is fantastic to see MarketReader taking the lead on a solution that has been so badly needed in the financial advisory industry for years,” said Michael Smith, Managing Partner and CIO of public market investment for Oakridge Management Group. “I could easily see every financial advisor in the US eventually integrating real-time market analytics, like the ones MarketReader is pioneering, into their daily workflow.”
The MarketReader user platform is underpinned by MarketReader’s proprietary, high-frequency data ingestion and financial modeling system.
About MarketReader
MarketReader is a market analytics company that empowers all investors to understand market movements in real time.
The market is more complex than ever before, but traditional information sources still typically provide lengthy, slow, and subjective analysis. MarketReader solves this problem by using its proprietary data engine to identify and explain price movement across multiple asset classes in real time. When an unusual price move is detected, the system algorithmically pinpoints the most plausible explanation and instantly returns data-driven output. MarketReader’s system has broader coverage and faster delivery than any manual, human-driven process.
Founded in 2021 by Jens Nordvig, Web Begole and Evan Schnidman, MarketReader provides clear, objective explanations of what is driving asset price movement in a way that is accessible to all types of investors, from retail to institutional. Learn more and join the waitlist at www.marketreader.com.
