About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

New Money for Correlix; But What Next?

Subscribe to our newsletter

While it didn’t make a splash about the event, latency monitoring specialist Correlix last week acknowledged that it has raised further capital from existing investors and hired former Island and Inet exec Richard Wilkins as vice president of sales, a position that has been vacant for a couple of years. Wilkins reports to founder and re-installed CEO Shawn Melamed, who is back in the top job for the foreseeable future following the departure of former CEO Dan Connell in November 2011.

Melamed isn’t saying how much new money was raised from investors, including Sequoia Capital, Blumberg Capital and Vernon & Park and Xenia Ventures, though he confirms that the company previously raised $23.8 million, since it was founded in 2005. He says the additional funding will be used for “additional product development and ability to fulfill our vision of an open platform for more applications than just latency measurements,” and that it will see the company through to being self sustaining. That’s in part because of a cost/headcount reduction program that’s been implemented, he says.

Meanwhile, Wilkins’ appointment in a full-time senior sales role should lead to revenue growth. Melamed says the company has in fact rolled out its RaceTeam offering to new markets in recent months, and he expects growth to come from new geographies and asset classes. He also expects revenue resulting from “a big initiative around an SDK that enables customers to extend our product for other use cases outside latency measurements.”

Interestingly, Melamed is cautious on the impact of the imminent 1.0 release of the FIX Inter-Party Latency standard (FIXIPL), commenting: “I haven’t seen any big demand from customers [of exchanges where RaceTeam is installed] yet, which are usually the real driver for transforming the market,” though he adds “I believe it’s good for Correlix because it will enable us to be more ubiquitous.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Optimising cloud, marketplaces & managed data services

Date: 30 June 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Financial institutions are under mounting pressure to rethink how they source, manage and distribute market data. Rising data volumes, multi-cloud adoption and the operational demands of regulations such as DORA are exposing the limits of legacy infrastructure, and driving...

BLOG

Breaking Conway’s Law: Why Composable Trading Platforms Demand Organisational Change, Not Just Better APIs

Nearly 60 years ago, Melvin Conway observed that an organisation’s technology will inevitably mirror its internal structure. It’s a law that has aged uncomfortably well in capital markets, where billions spent on trading, risk and analytics systems have produced vertical stacks that reflect business-line org charts rather than the horizontal data flows firms now need...

EVENT

AI in Data Management Summit New York City

Following the success of the 15th Data Management Summit NYC, A-Team Group are excited to announce our new event: AI in Data Management Summit NYC!

GUIDE

High Performance Technologies for Trading

The highly specialised realm of high frequency trading without doubt is a great driver for a range of high performance technologies that are becoming essential tools for Wall Street. More so than the now somewhat pedestrian algorithmic trading and analytics/pricing applications that are usually cited as the reason that HPC is hitting the financial markets,...