back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Pico completes $135mn Series funding, names Intel Capital as a new investor

By Pavithra R

December 09, 2020

  • Pico
  • USA
Share

Jarrod Yuster, Pico Chairman, Founder and Co-CEO

PICO, a leading provider of technology services for financial markets community, has announced securing a strategic investment from Intel Capital, Intel Corporation’s global investment organization. The investment completes Pico’s $135mn Series C funding round that will be used to further fuel Pico’s global growth and expansion plans.

“We are honored and proud to have Intel Capital join as an investor and to reach this important funding milestone which is supporting our ongoing growth and global expansion. The strengthening of our balance sheet will continue to allow us to realize our differentiating strategy of investing in building the most globally comprehensive, robust, scalable and high-performance infrastructure in the financial services industry that meets clients current and future needs,” said Jarrod Yuster, Pico Chairman, Founder and Co-CEO.

The finance round saw participation from strategic partner EDBI, a global Asian-based investor, and new investor CreditEase FinTech Investment Fund. Other key strategic investors and Pico clients include J.P. Morgan, Wells Fargo, UBS, Nomura, DRW Venture Capital, Goldman Sachs, Chicago Trading Company, Capital Markets Trading and Simplex Investments.

Pico’s advancements and investments during the past 24 months has strengthened its platform and global reach, offering clients a competitive edge in times of COVID-19 with extreme volatility, peak message rates and exponential network traffic growth. These investments include increased resiliency, capacity, and diversity of its global financial services network, PicoNet. Its real-time and machine intelligence solution Corvil Analytics is now enabled for 100Gb networks to monitor new higher throughput environments. 

Both Pico and Intel will also collaborate to deliver a 100Gbps network data capture and real-time streaming analytics platform for Financial Markets trading. The companies are also in the early-sage development phase around building a financial services lab, where the companies will work alongside top clients to incubate new concepts around AI processing, Machine Learning, Network and Trade Analytics, and Cloud Monitoring.

“Intel is a performance leader, and we are excited to have them as an investor in the next phase of our evolution. We are looking forward to benefitting from their vast technology experience to accelerate AI, big data and analytics-based innovation that will deliver a performance advantage to our clients,” added Yuster.

The continued investment is expected to allow Pico to bolster its platform with automation tools for swift and deterministic delivery with accuracy and oversight. Additionally, joining Intel Capital’s list of portfolio companies enhances Pico’s growth trajectory with opportunities to build on its deep technology heritage to advance the capabilities that create new and differentiated value propositions for clients.

“FinTech’s impact on capital markets continues to grow and those who successfully tap technological innovations can transform their competitiveness. Pico’s track record of innovation and strategic roadmap with Intel technology at its foundation should deliver low-latency high throughput process automation, machine learning and advanced analytics for the financial services industry. We look forward to playing an active role in their success,” said Andy Fligel, Senior Managing Director, at Intel Capital.

Previous Article

December 09, 2020

Backbase to power engagement banking for DigiBankASIA’s UNO

Read More
Next Article

December 09, 2020

Yapily expands partnership with BUX into France and Austria

Read More










IBSi Daily News Analysis

digital lending, digital lending in India

August 18, 2022

Pico

Why is India a front-runner in the field of digital lending?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Vyne partners with Wix to expand payment options for businesses in the UK

Read More

Today

FinaMaze appoints Nikhar Patel as Chief Operations Officer

Read More

August 17, 2022

IMMO announced the appointment of Himai Mandali as Chief Technology Officer

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022