# Eris Innovations

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/eris-innovations

- Industry: Financial Services
- Headquarters: Chicago, US
- Website: www.erisfutures.com
- Latest round: Series B (Sep 25, 2012)
- Investors on record: 2

## About

Eris Exchange LLC, based in the US, specializes in innovative financial products that replicate over-the-counter interest rate swaps, offering solutions for interest rate risk management to banks, private investors, and commercial lenders.Founded in 2010 and headquartered in Chicago, US, Eris Exchange LLC focuses on developing futures contracts that serve as alternatives to traditional OTC swaps. The firm has successfully completed 4 deals, with its most recent funding round occurring on May 19, 2026, where it raised an undisclosed amount of venture funding led by DV Trading, with participation from DRW Venture Capital, ARB Fund Management, Black Edge Capital, CTC Venture Capital, TransMarket Group and CME Ventures. Michael Riddle serves as CEO, leading the company through its evolving business strategies.Eris Futures specializes in financial products designed to replicate the cash flows and functionalities of traditional over-the-counter (OTC) interest rate swaps through its core offering, the Eris SOFR (Secured Overnight Financing Rate) futures contracts. These contracts are tailored for both short-term trading and long-term hedging, catering primarily to commercial lenders, banks, and private investors who require effective tools for managing interest rate risk. The innovative Eris Methodology underpins the product development, allowing these listed futures contracts to be accessible to a broader market, promoting transparency and ease of trading. Eris SOFR futures enable users to hedge against rate movements, providing a solution for various financial instruments and portfolios, including mortgage servicing rights, asset and liability management for banks, and fixed income investments. The company's products are marketed primarily in the United States, with a growing focus on international markets seeking robust interest rate hedging solutions.Eris Futures generates revenue through its transaction-based model, primarily from trading fees associated with the buying and selling of its Eris SOFR futures contracts. Clients, including private lenders, banks, and institutional investors, engage in transactions that may involve bilateral trading or order book trades. The revenue structure is supported by the trading of contracts that mimic OTC swaps without the complexities of ISDA agreements or costly clearing arrangements. Revenue is further supplemented through partnerships with global exchanges, such as CME Group, which facilitate a seamless trading experience for clients. Specific pricing plans for transactions depend on the notional values of the contracts, with initial margins significantly lower than those typically required for cleared interest rate swaps, enhancing cost efficiency for users. In May 2026, Eris Innovations LLC raised an undisclosed amount of venture funding to support the launch of Eris Options and drive continued growth of its derivatives platform. The company aims to design and launch new products while expanding into international markets, targeting regions that require robust interest rate hedging solutions. The recent funding will support these strategic initiatives, allowing for a stronger position in both existing and new market segments.

## Funding rounds

- Series B, Sep 25, 2012 — F-Prime Capital, State Street Bank

## Investors

- F-Prime Capital (https://capitalatlas.ai/funds/f-prime-capital) — Series B
- State Street Bank — Series B