BestEx Research raises $10m to expand algo execution solution into new asset classes and regions

Rick Steves

“We’re expanding in multiple dimensions to cover additional asset classes and regions and increase the size and scope of our team as we provide exemplary support to users of our products.”

BestEx Research has raised $10 million in follow-on investment from its existing investors, said the provider of algo execution solutions for equity, futures and foreign exchange trading.

The new funding, which valued the firm at $110 million, will be used to accelerate its growth and expand the global team as it prepares to roll out a differentiated suite of algorithms for FX and enhancements to existing tools for equities and futures.

BestEx Research expanding into new asset classes and regions

Hitesh Mittal, Founder and CEO of BestEx Research, commented: “Constant advancement is in our DNA. Our vision of extreme transparency, modern algo architecture with research-driven design, and careful measurement of outcomes resonates with our customers. To meet their demand, we’re expanding in multiple dimensions to cover additional asset classes and regions and increase the size and scope of our team as we provide exemplary support to users of our products.”

BestEx Research has become a sizable provider of execution algorithms for equities and global futures to both buy-side firms and banks since its Series A funding in 2020.

The firm has reported an average daily trading volume of more than $2.1 billion with 25 clients. The team now includes 35 employees in three offices across the globe.

Waters Technology has recently awarded BestEx Research’s Algorithm Management System (AMS) as Best Algorithmic Trading Platform and Best Buy-Side Transaction Cost Analysis (TCA) for equities and futures.

BestEx Research helps both buy-side and sell-side firms reduce transaction costs and increase transparency around execution:

  • Buy-side firms can access BestEx Research algorithms via most execution management systems (EMS) and order management systems (OMS) with no disruption to their workflow.
  • Sell-side firms can use BestEx Research’s holistic Algorithm Management System (AMS) to build completely custom execution solutions with no coding required, support their clients via web-based dashboard, backtest custom strategies with its realistic exchange simulator, and measure performance with sophisticated transaction cost analysis (TCA).

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