The round also includes follow-on investments from previous investors Accel Partners and FirstMark Capital.

OpenGamma will use the funding to drive continued product innovation, expand geographically to support its growing global client base, continue to support its active and growing open source community, and meet the significant market demand for advanced risk management and analytics systems. Demand has increased dramatically as regulation and growing data volumes push hedge funds and investment banks to explore flexible open source alternatives to traditional, proprietary, and costly risk analytics tools. Firms are increasingly turning to OpenGamma to help them customize their risk analytics systems, build custom real-time trading applications, and maximize IT resources to reduce costs.

"OpenGamma has clearly demonstrated that its open source solutions are ideally suited to change the way risk analytics are delivered and utilised in today's demanding regulatory environment," said Mark Beeston, CEO of Post Trade Risk and Information at ICAP, who has also joined OpenGamma's Board of Directors. "OpenGamma's technology is an obvious fit for ICAP and will complement our suite of services to help our customers manage their risk exposure."

The OpenGamma Platform, the company's flagship product launched in April 2012, offers a robust and flexible open-source alternative to traditional homegrown or proprietary analytics and risk management solutions. The platform delivers unprecedented transparency and improves the quality, accuracy and real-time availability of the critical trading and risk analytics required by today's front-office traders, quants and risk managers. It provides fast access to ad-hoc and pre-trade analysis, live risk and analytics, and batch and overnight risk reporting, all in a platform that can easily integrate with legacy data sources, financial analytics libraries, trading systems and multiple market data feeds.

>"Post trade services are a strategic part of ICAP's business and as a company we have been looking at identifying the next generation of the companies that will help our customers manage risk in their markets," Beeston continued. "Together with our early stage funding program Euclid we have been looking for the Traianas and TriOptimas of the future. We immediately realized the value in OpenGamma's ability to innovate and create a de facto standard for risk management in the market."

Steve Gibson, Managing Director of Euclid Opportunities, noted "Market participants are striving to improve the quality and flexibility of trading infrastructure whilst also needing to reduce fixed costs and inefficiencies. We see the industry's appetite for open source offerings continuing to grow as a viable means to meet these aims."

OpenGamma has achieved significant milestones in 2012 with the launch of OpenGamma Platform 1.0 and their selection as a finalist of the Innotribe Startup Challenge, honoring the company as one of the most promising financial technology and financial services start-ups. Recognized as the winner and "Top Innovator" at the Regional Showcase held in Belfast in June 2012, the company now advances to the 2012 Innotribe Startup Challenge Finals at Sibos, SWIFT's annual conference, in Osaka, Japan in October 2012, where they will compete for global recognition. They were also named a Red Herring Top 100 Europe award finalist, a prestigious list honouring the year's most promising private technology ventures from the European business region.

"Financial services firms can no longer afford to view risk infrastructures as one-dimensional as they navigate this complex regulatory environment," said Kirk Wylie, CEO of OpenGamma. "OpenGamma is committed to democratizing and introducing a new level of transparency to the market, and we're confident that this investment will help fuel our innovation and expand the reach of our open source community."