Seed Funding for Price Action Analyst MarketReader

In New York, market analytics company MarketReader, which specialises in analysing price action in real time, has closed an oversubscribed $3.1m seed round of funding, which it will use to develop its user platform.

Founded in 2021 by Jens Nordvig (pictured), Web Begole and Evan Schnidman, MarketReader uses proprietary data to provide objective explanations of what is driving asset price movement. When an unusual price move is detected, the system algorithmically pinpoints the 'most plausible explanation' and instantly returns data-driven output. Later this year, the company plans to launch the platform on a monthly subscription basis, featuring live data and analytics tools.

New funding has been led by unnamed angel investors, largely comprised of family offices and financial advisors. Nordvig, who serves as CEO, comments: 'We are thrilled to close this funding round that will allow us to rapidly develop and launch our revolutionary user platform. Everyone wants to know why the market is moving. MarketReader offers advisors a never-before-seen tool that massively increases efficiency by answering this question'.

Web site: www.marketreader.com .