OpenGamma, the data analytics firm, has raised $10 million in funding led by early-stage fintech and B2B software venture capital firm Dawn.
The funding round includes participation from existing investors Accel, CME Ventures and ex-SunGuard CEO and prolific fintech angel investor Cristóbal Conde.
The new funding will enable OpenGamma to expand its teams in London, New York and Singapore, as well as launch new products in collateral and treasury space.
Josh Bell, general partner at Dawn Capital, says: “As regulation continues to drive up the cost of trading derivatives, efficient use of capital has become essential for financial institutions to maintain their business models.”
Peter Rippon, CEO of OpenGamma, explains: “Regulation has created new opportunities for firms like OpenGamma. We work with key market infrastructure providers, including CME Group, Eurex, JSCC as well as top tier banks, to ensure we have access to the models needed to solve a key industry problem: the rising cost of trading derivatives.”
The funding follows a period of rapid growth for the business as it reports a 300% increase in recurring revenues in the last 12 months, as well as a geographical expansion across the globe.
OpenGamma’s solutions allow banks, hedge funds and asset managers to reduce the cost of trading derivatives.
OpenGamma raises m for data analytics boost
OpenGamma raises m for data analytics boost
Fintech
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