January 25, 2021

Market infrastructure firm Pico raises $135m in Series C

Technology services firm Pico has closed on a strategic investment with Intel Capital worth $135 million.

Connected network of computers

Pico operates a 100Gb per second network

Pico says it will use the new capital, which completes its Series C, to fuel its “growth and expansion plans”.

Joining Intel Capital in the round are EDBI, CreditEase, Goldman Sachs, Wells Fargo, UBS, Nomura, and the Chicago Trading Company.

Jarrod Yuster, Pico founder and co-CEO, says the round allows his firm to continue differentiating in the market.

He adds Pico is building the “most globally comprehensive, robust, scalable and high-performance infrastructure in the financial services industry.”

PicoNetTM, the company’s infrastructure network, claims to offer 100 gigabit per second bandwidth access on a “pure optical backbone”.

The company also offers a “real-time and machine intelligence solution” for monitoring 100 gigabit networks, Corvil Analytics.

“Intel is a performance leader, and we are excited to have them as an investor in the next phase of our evolution,” continues Yuster.

“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.”

Intel Capital is the investment vehicle for semiconductor chip manufacturer Intel.

“Fintech’s impact on capital markets continues to grow,” says Andy Figel, senior managing director at the firm.

“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.”

Related: Forter raises $125m in Series E funding to secure $1.3bn valuation