According to Fortune, the quantitative trading startup Theo has completed a $20 million funding round. The platform is dedicated to providing ordinary investors with strategies and returns traditionally available only to high-frequency trading companies. It was co-founded by former Optiver trader Abhi Pingle and his brother, along with TK Kwon. In March 2024, they secured a $4.5 million seed round led by Manifold Trading, followed by an additional $15.5 million investment in April 2025, led by Hack VC and Anthos Capital. Other investors include Flowdesk, Selini Capital, and individual investors from institutions like Citadel and JPMorgan.

Since its launch in June 2024, the Theo platform has attracted $50 million in deposits, with an average user return rate of 7%-8% over the past three months and annual returns reaching 18%-20%. The platform's name originates from the trading term "theoretical price" and currently primarily integrates with DeFi protocols like Aave. However, there are plans to expand its operations to centralized exchanges (CEX) and traditional financial markets by the end of April. Both funding rounds were conducted in the form of token warrant agreements, and the company's valuation has not been disclosed.