UK-based financial risk analytics software developer OpenGamma secured $13.3m yesterday in a round co-led by financial risk mitigation and information services provider Icap and venture capital firm Accel.
The round also included private investor and existing OpenGamma board member Cristóbal Conde. Icap provided its share through its fintech investment unit, Euclid Opportunities.
OpenGamma produces open source financial software that helps banks and other asset managers analyse risks in the derivatives industry, and provides a range of tools through a risk-as-a-service cloud software suite.
Jenny Knott, CEO of Icap’s Post-Trade Risk and Information Division, said: “Our commitment to OpenGamma reflects our belief that the derivatives markets are embracing innovative solutions to address capital and operational challenges.
“It also aligns with our strategic focus on market structure that enables clients to optimise their regulatory and financial resources.”
Icap led OpenGamma’s $15m series C round in 2012, investing together with Accel and FirstMark Capital, the firms that funded a $6m round the year before. The company has also raised just over $4m in debt financing since it was founded in 2009, according to regulatory filings.