The round was led by venture capital firm Andreessen Horowitz with participation from earlier investors Bessemer Venture Partners, Steve Cohen’s Point72 Ventures, Khosla Ventures, and Spark Capital. In conjunction with the funding, Alex Rampell, a General Partner with Andreessen Horowitz is joining Quantopian’s Board of Directors.
The company, which has raised $23.8m in total funding to date, will use the capital to continue expansion, including improved platform tools, education materials, and the acquisition of additional data.
Led by John “Fawce” Fawcett, Founder and CEO, Quantopian provides an integrated community-based platform that offers access to deep financial data, research capabilities, university-level education tools, a backtester, and the opportunity to receive a capital allocation.
Its portfolio of investment algorithms is selected from hundreds of thousands of algorithms written by its members – including professors, finance professionals, research scientists, developers, and students. The company evaluates the performance of each algorithm on its platform and makes allocations to selected algorithms based on factors including return, risk, style, capacity, and interaction effects.
The authors of the selected algorithms receive a share of the net profits generated from their investment strategies.
The company has a community of more than 100,000 members.
First appeared at FinSMEs