Quant firm Cambrian closes oversubscribed $4.2m seed round

Cambrian Asset Management announced Thursday the close of a seed equity round with $4.2 million, significantly oversubscribed from its original target of $3 million. The quantitative investment firm said lead investors included Renaissance Technologies and First Round Capital Co-founder Howard Morgan, The Carlyle Group, Tano Capital -- the family office of the founding family of Franklin Templeton Investments -- and technology giants including Google, Instagram, Microsoft, Pinterest and Airbnb. Mill Valley, California-based Cambrian, which focuses on trading liquid digital assets such as Bitcoin and Ether, expects to use the equity raise proceeds to boost its technology infrastructure, operations and research and development efforts. Launched in 2017 and running live capital since November 2018, Cambrian says its strategies and automated trade execution capabilities have generated returns that are over 11 times higher than a digital asset passive index, while suppressing downside volatility by greater than 75%. "Our mission is to be the premier quantitative investment firm focused on digital assets," said Cambrian Co-CIO and CEO Martin Green, whose 25 years of tech industry experience includes serving as president of Sequoia-backed Meebo, which Google acquired in 2012 for about $100 million. "We are very early in the development of the digital asset market," Green added. "Notwithstanding, we are encouraged by the exceptional opportunities we see by combining a data-driven, quantitative approach with rigorous risk management."

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