Monday 20 October 2014, London, UK. For immediate release.
Financial sentiment data feed company Nous secures US$600,000
Start-up financial data company Nous, which crowdsources currency, stock indices, commodities and bitcoin data from its ‘Spark Profit’ virtual trading game, has raised over US$600,000 (£375,000) of external funding.
The investment is an important milestone and a validation of Nous’s business model, which to date has been entirely self-funded. Nous’s goal is to increase its Spark Profit user base to 250,000 users in the next six months.
Nous is using the funds raised to add new markets and social features to the Spark Profit application. All of the funding has been raised from private investors, predominantly senior finance and technology professionals at global investment banks.
Justin Short, CEO of Nous, says:
“This investment is fantastic news for Nous. All of our investors will contribute not just capital, but also their considerable industry experience. We now have even stronger connections to the forward thinking hedge-funds that can make the most of our unique data feeds.”
Nous Global Markets was founded in September 2012 by Justin Short and four other former high flying Merrill Lynch traders and technologists. Originally based in Tokyo it has since relocated to London.
In January 2014, Short and his colleagues launched their free-to-play virtual trading game – ‘Spark Profit’ – which enables players to predict currency and liquid instrument movements in return for cash prizes. Spark Profit has already 84,000 users in 200 separate countries, with several players expected to earn over a thousand dollars in annualized prize money through their accurate predictions.
Nous collects and processes the price prediction data, weighing in at 250,000 predictions per week, using its own proprietary software, and has created data feeds which it is marketing to hedge funds, banks and other financial institutions. It is in discussion with potential clients about pilot schemes to assess how Nous’ data can enhance their internal systems and strategies.
A key strength of Nous’s crowdsourced data is that it is generated without interpreting natural language responses, unlike some firms that analyze text such as comments on Twitter and Facebook to monitor consumer sentiment. Nous describes its product as “perfectly quantified intuition”.
The greater the player base, the higher the value of the data generated from its data feeds. The feeds give financial institutions the ability to understand – and even accurately anticipate – market price changes at multiple time scales, including much shorter ones than are served by traditional analysts.
Justin Short / CEO, Nous Global Markets / +44 207 117 2942 / [email protected]
Neil Boom / MD, Gresham PR / +44 7866 805 108 [email protected]
Nous was founded in 2012 by Justin Short and four other former high flying Merrill Lynch traders and technologists, who saw an opportunity for professionals to better understand and predict financial markets, and to empower people around the world to discover their trading talents. It launched Spark Profit, the free-to-play virtual trading game, in January 2014.