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Messaging platform Symphony seeks more funding

[NEW YORK] Symphony Communication Services LLC, an instant messaging software company backed by Goldman Sachs Group Inc and other finiancial institutions, is seeking additional funding that could value the startup at up to US$1 billion, the Wall Street Journal reported on Sunday.

Palo Alto, California-based Symphony is approaching venture-capital funds and financial institutions to probe for interest in investing in the secure instant messaging platform, according to the WSJ report.

Citing unnamed sources, the newspaper said Symphony is also soliciting additional funds from its existing financial backers.

Last year, 14 investment banks formed a consortium to invest US$66 million in Symphony. At the time of that investment, the company said it expected those financial institutions, which included Morgan Stanley, JPMorgan Chase & Co, BlackRock Inc and Goldman Sachs, to be early adopters of the technology.

Many finance professionals communicate with colleagues, customers and peers over secure instant messaging platforms such as Symphony.

A deal for the funding is not imminent, the report said.

In April, Tom Glocer, former chief executive officer of Thomson Reuters Corp, joined Symphony's board of directors as an observer.

A Symphony representative declined to comment Sunday evening.