Commerzbank's VC arm and Octopus Ventures have joined JPMorgan in a $9 million fund raise for capital markets data analytics startup Mosaic Smart Data.
The London firm's technology uses algorithms to sift through data from fragmented fixed income markets and present the outcomes in a real-time customisable dashboard to help sales staff better visualise and anticipate client activity.
Mosaic Smart Data was the first graduate from JPMorgan's In-Residence startup programme, in which startups work side-by-side with the bank over a six-month period to address specific business challenges. The bank signed a multi-year contract with the firm in 2017 to deploy its data platform across its rates desks globally and took a minority stake in 2018.
Mosaic says the new funding will be used to expand its R&D capabilities and buy-side client base.
The firm is in a hotspot for the capital markets industry which is awash in huge volumes of raw data that can be converted into actionable insights to guide investment strategies.
Heiko Schwender, principal at CommerzVentures, says: “Data analytics is becoming an integral part of every industry and the capital markets are no different. We will soon be at a position where it is a prerequisite for performance in the markets. This presents a huge opportunity for Mosaic Smart Data."