The venture capital arm of Commerzbank and London investor Octopus Ventures have co-led a $9m (£7m) funding round into fintech startup Mosaic Smart Data.
Existing backer and client JP Morgan also participated in the round, adding to its minority stake in the startup. The bank signed a multi-year deal to use Mosaic’s technology – which helps banks make fixed-income sales and trading arms more profitable – globally in October last year.
Mosaic said it will use the funding to support product development and international expansion efforts.
“Mosaic Smart Data’s mission is to empower financial market professionals with usable, data-driven tools to ask the questions they need answered and to receive those results in a language they can understand,” said the Moorgate-based startup’s chief executive and founder Matthew Hodgson.
“We want them to feel as though they have the firm’s best quant sitting at their desk 24/7, able to answer any question they have almost instantly. That is the power of smart data analytics.
“This is a mission which is driving incredible interest among the world’s leading financial institutions. With the support of these investors, we’ll be able to take full advantage of the opportunity, accelerating deployment of the Mosaic Smart Data platform for clients and ensuring we keep the platform at the cutting edge of data analytics [research and development] and smart data technology.”