ML Tech, a provider of a non-custodial digital asset investment management platform giving institutional investors access to automated crypto trading strategies, recently announced it raised $1.9 million in funding. Participating in the round were Belvedere Strategic Capital, Hyperithm, and Nascent.
“Belvedere Strategic Capital is excited to invest in and partner with ML Tech to help unlock the long term growth potential of managed money in the digital asset space. With a background in quantitative trading we understand and appreciate the importance of low beta systematic strategies for broad based portfolios,” said Belvedere Strategic Capital Partner Ryan Sullivan in a statement.
Founded in May 2020 by co-founders CEO Leo Mindyuk and CTO Markus Leballeux (pictured above), ML Tech allows institutional investors to invest in algorithmic trading strategies that run on its high frequency/low latency infrastructure, supplemented with 24-7 risk management and advanced performance analytics. The Miami-based startup says trading teams benefit from access to institutional capital, low fees across multiple exchanges and easy integration to crypto exchanges.
ML Tech provides full ownership and control to investors through their separately managed accounts (SMAs) approach. AUM recently reached $45 million, up from $5 million in June 2022. It also secured status as a Commodity Trading Advisor (CTA) with the Commodity Futures Trading Commission (CFTC) this fall in preparation to onboard institutional investors in their pipeline, the company said in a press release.
“We registered with the CFTC because the digital asset space is undergoing a shift right now where there’s been a loss of confidence in the space, and we believe that additional transparency, regulation and compliance are critical for wider institutional adoption,” said Mindyuk, an MIT alum who previously ran the digital assets desk at Blue Fire Capital and managed a portfolio of automated market-making strategies in US equity options at Consolidated Trading.
The company plans to use the capital to expand its current offerings, including adding diverse trading strategies, new asset classes, and support for additional exchanges. ML Tech said it also plans to invest in client acquisition, growth and marketing.
ML Tech is hiring for a senior full-stack developer, a Director of Product, a marketing manager and other roles. Previously the startup raised $1.75 million.
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