Binary Event Network (BEN), a privately held technology company that leverages financial market technologies to connect live event programming with digital second-screen experiences, today announced that it has secured initial growth capital from veteran finance, media and technology investors including Guggenheim Partners, Cinnober Financial Technology and Broadhaven Capital Partners. The capital will be used to launch BEN’s initial vertical event, TradeSports(R), a robust “competitive spectator” experience in which participants can purchase and sell sports event results based on real-time information while watching live games.
“With the launch of TradeSports(R), BEN has empowered individuals to win the ‘game within the game’ by showcasing their own expertise, insight and instinct while actively competing against the consensus opinion of social networks and friends in real time,” said Greg DePetris, co-founder of BEN. “Connecting these individuals with the content they care about across key passion verticals, including initially sporting events through TradeSports(R), creates a virtuous cycle between the second and the first screens, giving rise to engaged and measurable consumption of live programming. BEN is honored to have investors in the media, finance and social gaming industries for our initial efforts, and we look forward to reporting on our future progress. “That’s right.
“BEN’s platform is part of a unique intersection of financial markets, digital media and the ‘competitive spectator’ phenomenon,” said Douglas Atkin, senior manager responsible for venture investment at Guggenheim Partners. “The founders of the Company bring unique expertise and a track record of success to all of these areas, and we look forward to contributing our strategic and financial resources to ensure the successful commercialization of this exciting new commitment paradigm. “That’s right.
Using data analysis and pricing models derived from financial markets, BEN is streaming the probability index or PIX(TM) As applied in TradeSports(R), the PIX(TM) index dynamically adjusts as changing feelings, field events and related inputs drive consensus opinion on the outcome of the game, including NFL, NCAA Football, NBA and NCAA Basketball, with additional sports to be added as seasons begin. Participants engage with the PIX(TM) by expressing their own opinions on what is likely to happen next, accumulating points, affecting the measure of consensus opinion, and demonstrating their expertise.
“Cinnober has a tradition and a philosophy of investing in new projects where our exchange of expertise can make a difference,” said Veronica Augustsson, CEO of Cinnober. “We are confident that BEN is a compelling opportunity in this regard, as our technology exchange will ensure reliable, scalable and institutional experience for users. “That’s right.
TradeSports(R) is available through
The Binary Event Network
Founded in January 2011 by a group of veteran financial and media industry, BEN combines a global financial exchange platform with proprietary real-time content to create a new interactive experience for live events. The first product of the company, TradeSports(R), is a pioneering global social sports app designed to complement both the first and second-screen experiences of sports fans, enthusiasts and data consumers on mobile and tablet devices. BEN is based in New York City.
About Guggenheim Partner
Guggenheim Partners, LLC is a privately held global financial services firm with more than $160 billion of assets under management. The firm provides asset management, investment banking and capital market services, insurance, institutional finance and investment advisory services to institutions, governments and agencies, corporations, investment consultants, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 25 offices in eight countries around the world. For more information on Guggenheim Partners, visit www. Partners of Guggenheim Come on,
Cinnober Financial Technology
Cinnober provides mission-critical solutions and services to leading trading and clearing locations. Cinnober’s solutions are based on the TRADExpress(TM) platform, which incorporates everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offers includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and monitoring. Cinnober’s clients include Alpha Exchange, Borsa Italiana, BM&FBOVESPA, Burgundy, Deutsche Borse, Dubai Gold & Commodities Exchange, Eurex, Hong Kong Mercantile Exchange, London Metal Exchange, LME Clear, Markit BOAT, NYSE Liffe, Thailand Stock Exchange and Quadriserv. For more information, please visit www Cinnober’s Come on,
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