Opening Cross: Spare Some Change? Funding Isn’t About Charity; It’s About Strategy
This week, Max highlights one worthy recipient and two worthy seekers of expansion funding.

Now, we’ve evolved to spot and avoid chuggers. So they’ve evolved too, shedding the branded shirts, and engaging you as a lost tourist would engage a local. Oh, sure, I can help you out, you say—and too late! They’ve got you again!
My point is, there are plenty of people out there seeking to separate you from your money, and willing to go to great lengths to do it. How do you know what’s worthwhile, and who’ll take you for a ride?
Fortunately, we have a couple of good examples in this week’s Inside Market Data that are deserving of your interest, and perhaps your investment.
First, tech startup Privitar has recently attracted £3 million in funding to help grow its operations, including new funding from Illuminate Financial Management, the Fintech-focused venture capital firm started by former Icap exec Mark Beeston. Privitar helps address compliance issues around data privacy while also enabling users to mine and share data with other authorized internal users and third parties.
Next, UK-based KB Tech is seeking funding to expand to address data transparency and distribution opportunities presented by MiFID 2. You might recall the original version of its TDI suite, developed by CMS WebView, one of the early ticker plant vendors that was unfortunately hit by exchange demutualization and consolidation. In fact, co-founder David Briggs was a software engineer at CMS, while former CMS chief executive Bob Antell is now executive chairman at KB Tech. But to scale sufficiently to address MiFID 2, and to expand its asset class coverage, the vendor is now looking for a cash infusion.
Also looking to expand its asset class coverage is The Freedom Index Company, a not-for-profit provider of free and open indexes. But in the shorter term, The Freedom Index Co is seeking input from its clients—or “members,” as it calls them—to determine its next move: does it expand its international coverage, or provide more frequent and granular daily data that might make its index data more appealing to those that could contribute more to its operations, such as exchange-traded funds. Either move will cost money, but the vendor wants to determine which will create more support and deliver more “donations” long-term.
While it’s true that the market data and index industries aren’t charities—even The Freedom Index Co, which relies on donations, rather than traditional licensing fees—many say that data sources and index providers do the opposite, and raise fees to what the market will bear, rather than setting reasonable and sustainable levels. For example, exchanges reporting quarterly financial results over the past two weeks fell into two camps: those who grew their overall revenues, including data revenues, and those whose overall revenues struggled, but whose data revenues increased regardless. It seems data is often seen as an area where providers can raise fees to subsidize underperforming areas that rely on transaction-based revenues, regardless of whether an exchange’s market share justifies the fees.
If exchanges and indexes are setting their agenda around data, then why shouldn’t consumers who feel forced to pay whatever the key players demand do the same, avoiding the “chuggers” of market data and spending their money where they want?
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
DeepSeek success spurs banks to consider do-it-yourself AI
Chinese LLM resets price tag for in-house systems—and could also nudge banks towards open-source models.
Standard Chartered goes from spectator to player in digital asset game
The bank’s digital assets custody offering is underpinned by an open API and modular infrastructure, allowing it to potentially add a secondary back-end system provider.
Saugata Saha pilots S&P’s way through data interoperability, AI
Saha, who was named president of S&P Global Market Intelligence last year, details how the company is looking at enterprise data and the success of its early investments in AI.
Data partnerships, outsourced trading, developer wins, Studio Ghibli, and more
The Waters Cooler: CME and Google Cloud reach second base, Visible Alpha settles in at S&P, and another overnight trading venue is approved in this week’s news round-up.
Are we really moving on from GenAI already?
Waters Wrap: Agentic AI is becoming an increasingly hot topic, but Anthony says that shouldn’t come at the expense of generative AI.
Cloud infrastructure’s role in agentic AI
The financial services industry’s AI-driven future will require even greater reliance on cloud. A well-architected framework is key, write IBM’s Gautam Kumar and Raja Basu.
Waters Wavelength Ep. 310: SigTech’s Bin Ren
This week, SigTech’s CEO Bin Ren joins Eliot to discuss GenAI’s progress since ChatGPT’s emergence in 2022, agentic AI, and challenges with regulating AI.
Microsoft exec: ‘Generative AI is completely passé. This is the year of agentic AI’
Microsoft’s Symon Garfield said that AI advancements are prompting financial services firms to change their approach to integrating AI-powered solutions.