Local Software Company Takes Stock of Financial Trading

Afinin Labs Inc, a developer of mobile and desktop applications for financial trading called Zenquant™, is receiving a $147,000 investment from the Provincial Government.

The will enable Afinin Labs Inc. to participate in industry trade shows and market Zenquant™, which is a product that provides high speed analysis of stock price trends and enables stock traders to make more informed trading decisions using advanced financial engineering technology. It will also help contribute to the growth of Newfoundland and Labrador’s information and communications technology (ICT) sector.

“Newfoundland and Labrador’s ICT sector is home to many innovative businesses like Afinin Labs that are developing products that target a global consumer base,” said the Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development. “As a government, we view the success of such businesses as being integral to the sustained diversification of the provincial economy. Our support assists companies like Afinin Labs Inc. to develop their products and target new business opportunities that contribute to the growth of the sector.”

Innovation Newfoundland and Labrador: A Blueprint for Prosperity provides the framework for Provincial Government activities that enhance innovative activities in traditional and knowledge-based industries. Through it, the Provincial Government is implementing programs and services that help advance the interests of small and medium-sized enterprises through all phases of company development.

“Afinin Labs is very excited about the possibilities that this funding provides us for commercialization of our Zenquant technology,” said Garnett Wilson, Chief Executive Officer, Afinin Labs Inc. “This investment will help us pursue the marketing and commercialization opportunities that will let us grow both our company and the local financial and information technology sectors.”

Afinin Labs Inc. is located within the Genesis Centre of Memorial University. Located on the campus of Memorial University, the Genesis Centre is an incubation facility that assists local start-up technology companies in the early stages of development and growth. It provides business mentors and advisory boards, assistance with planning, access to university resources, and office and administrative resources.

“Afinin Labs is a great example of how to turn university research into a technology product,” said David King, President, Genesis Group. “Two experts in genetic programming have developed a user-friendly product that puts in the hands of the individual the power of algorithmic trading used by major financial institutions. The Genesis Centre volunteer mentors and advisory board members are guiding the two entrepreneurs to build a growth company capable of capturing a global market.”

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2012 04 27             10:25 a.m.