Elsen has closed a USD400,000 round of funding for its financial technology platform, which allows hedge funds to run financial models and algorithms faster and more efficiently.
Elsen plans to use this capital to accelerate growth and add additional resources to its engineering team.
Financing comes from individual investors and is led by local angel investor Bret Siarkowski and his AngelList syndicate, which is backed by Atlas Venture’s Boston Syndicates. Elsen has previously been bootstrapped.
Zac Sheffer, co-founder and CEO, says: “We are very pleased to partner with these investors. They are a unique resource and their guidance and knowledge will help take Elsen to the next level. This commitment demonstrates their belief in Elsen’s technology and in our team.”
Elsen offers a scalable, reliable, secure platform for bringing massively-parallel processing to financial data. Complex time-series calculations like Monte Carlo simulations and algorithms widely run in financial services for backtesting, pricing and risk management are ideally suited to run in parallel. Elsen’s platform is data- agnostic and elegantly supports custom data sets.
Some 18 months in development, the Elsen platform achieves incredible gains in both speed and efficiency through the use of simultaneous (GPU based) processing versus sequential (CPU based) processing.
Justin White, co-founder and CTO, says: “GPU acceleration yields substantial improvements in processing time and significant reductions in the number of servers needed and their related costs.”
Added Ryan Johnson, Elsen’s third co- founder, says: “We can run financial models more than 600 times faster.”