River Markets completes $8.5 million seed funding round, aiming to build prediction market trading tools for institutions.

According to Fortune, River Markets announced Tuesday that it closed an $8.5 million seed round in July, led by Haun Ventures, with participation from Y Combinator, Coinbase Ventures, and other investors including Qube Research Technologies, plus angel investors from Google, NVIDIA, Novig, JPMorgan, and Citadel. The founder declined to disclose the company’s valuation for the round. The River Markets founder noted that to meet institutional demand for prediction markets at scale, the firm needs technology enabling institutions to trade across platforms and process larger orders. Since launching in May, the company has provided institutions with related software, data connectivity, and risk management tools, with its algorithm designed to mitigate price volatility from large trades. It projects the platform’s annualized trading volume will exceed hundreds of millions of dollars by the end of this year.