Derivatives analytics firm OpenGamma has raised $10 million in a funding round led by FinTech and B2B software backer Dawn Capital.

The funding round includes participation from existing investors Accel, CME Ventures and ex-SunGuard chief executive Cristóbal Conde.

The London-based FinTech was one of the capital’s first startups to use data analytics to create trading analytic softwares for banks, hedge funds and asset managers.

OpenGamma said the new funding will enable it to accelerate its growth strategy, as it expands its teams in London, New York and Singapore. It will also use the money to launch new products in the collateral and treasury space to complement its existing margin product.

Josh Bell, general partner at Dawn Capital, said: “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.”

He said that top-tier global investment banks and asset managers are all turning to firms such as OpenGamma for support with their data analytics platform.

Peter Rippon, chief executive of OpenGamma, agreed that regulation has created new opportunities for firms like his own. “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.”

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