diff --git a/numcodecs/bitinfo.py b/numcodecs/bitinfo.py
new file mode 100644
index 00000000..51049c84
--- /dev/null
+++ b/numcodecs/bitinfo.py
@@ -0,0 +1,263 @@
+import numpy as np
+
+from .compat import ensure_ndarray_like
+from .bitround import BitRound
+
+# The size in bits of the mantissa/significand for the various floating types
+# You cannot keep more bits of data than you have available
+# https://en.wikipedia.org/wiki/IEEE_754
+
+NMBITS = {64: 12, 32: 9, 16: 6}  # number of non mantissa bits for given dtype
+
+class BitInfo(BitRound):
+    """Floating-point bit information codec
+
+    Drops bits from the floating point mantissa, leaving an array more amenable
+    to compression. The number of bits to keep is determined using the approach
+    from Klöwer et al. 2021 (https://www.nature.com/articles/s43588-021-00156-2).
+    See https://github.com/zarr-developers/numcodecs/issues/298 for discussion
+    and the original implementation in Julia referred to at
+    https://github.com/milankl/BitInformation.jl
+
+    Parameters
+    ----------
+
+    inflevel: float
+        The number of bits of the mantissa to keep. The range allowed
+        depends on the dtype input data. If keepbits is
+        equal to the maximum allowed for the data type, this is equivalent
+        to no transform.
+
+    axes: int or list of int, optional
+        Axes along which to calculate the bit information. If None, all axes
+        are used.
+    """
+
+    codec_id = 'bitinfo'
+
+    def __init__(self, inflevel: float, axes=None):
+        if (inflevel < 0) or (inflevel > 1.0):
+            raise ValueError("Please provide `inflevel` from interval [0.,1.]")
+
+        self.inflevel = inflevel
+        self.axes = axes
+
+    def encode(self, buf):
+        """Create int array by rounding floating-point data
+
+        The itemsize will be preserved, but the output should be much more
+        compressible.
+        """
+        a = ensure_ndarray_like(buf)
+        if not a.dtype.kind == "f" or a.dtype.itemsize > 8:
+            raise TypeError("Only float arrays (16-64bit) can be bit-rounded")
+
+        if self.axes is None:
+            axes = range(a.ndim)
+
+        itemsize = a.dtype.itemsize
+        astype = f"u{itemsize}"
+        if a.dtype in (np.float16, np.float32, np.float64):
+            a = signed_exponent(a)
+
+        a = a.astype(astype)
+        keepbits = []
+
+        for ax in axes:
+            info_per_bit = bitinformation(a, axis=ax)
+            keepbits.append(get_keepbits(info_per_bit, self.inflevel))
+
+        keepbits = max(keepbits)
+
+        return BitRound._bitround(a, keepbits)
+
+
+def exponent_bias(dtype):
+    """
+    Returns the exponent bias for a given floating-point dtype.
+
+    Example
+    -------
+    >>> exponent_bias("f4")
+    127
+    >>> exponent_bias("f8")
+    1023
+    """
+    info = np.finfo(dtype)
+    exponent_bits = info.bits - info.nmant - 1
+    return 2 ** (exponent_bits - 1) - 1
+
+
+def exponent_mask(dtype):
+    """
+    Returns exponent mask for a given floating-point dtype.
+
+    Example
+    -------
+    >>> np.binary_repr(exponent_mask(np.float32), width=32)
+    '01111111100000000000000000000000'
+    >>> np.binary_repr(exponent_mask(np.float16), width=16)
+    '0111110000000000'
+    """
+    if dtype == np.float16:
+        mask = 0x7C00
+    elif dtype == np.float32:
+        mask = 0x7F80_0000
+    elif dtype == np.float64:
+        mask = 0x7FF0_0000_0000_0000
+    return mask
+
+
+def signed_exponent(A):
+    """
+    Transform biased exponent notation to signed exponent notation.
+
+    Parameters
+    ----------
+    A : :py:class:`numpy.array`
+        Array to transform
+
+    Returns
+    -------
+    B : :py:class:`numpy.array`
+
+    Example
+    -------
+    >>> A = np.array(0.03125, dtype="float32")
+    >>> np.binary_repr(A.view("uint32"), width=32)
+    '00111101000000000000000000000000'
+    >>> np.binary_repr(signed_exponent(A), width=32)
+    '01000010100000000000000000000000'
+    >>> A = np.array(0.03125, dtype="float64")
+    >>> np.binary_repr(A.view("uint64"), width=64)
+    '0011111110100000000000000000000000000000000000000000000000000000'
+    >>> np.binary_repr(signed_exponent(A), width=64)
+    '0100000001010000000000000000000000000000000000000000000000000000'
+    """
+    itemsize = A.dtype.itemsize
+    uinttype = f"u{itemsize}"
+    inttype = f"i{itemsize}"
+
+    sign_mask = 1 << np.finfo(A.dtype).bits - 1
+    sfmask = sign_mask | (1 << np.finfo(A.dtype).nmant) - 1
+    emask = exponent_mask(A.dtype)
+    esignmask = sign_mask >> 1
+
+    sbits = np.finfo(A.dtype).nmant
+    if itemsize == 8:
+        sbits = np.uint64(sbits)
+        emask = np.uint64(emask)
+    bias = exponent_bias(A.dtype)
+
+    ui = A.view(uinttype)
+    sf = ui & sfmask
+    e = ((ui & emask) >> sbits).astype(inttype) - bias
+    max_eabs = np.iinfo(A.view(uinttype).dtype).max >> sbits
+    eabs = abs(e) % (max_eabs + 1)
+    esign = np.where(e < 0, esignmask, 0)
+    if itemsize == 8:
+        eabs = np.uint64(eabs)
+        esign = np.uint64(esign)
+    esigned = esign | (eabs << sbits)
+    B = (sf | esigned).view(np.int64)
+    return B
+
+
+def bitpaircount_u1(a, b):
+    assert a.dtype == "u1"
+    assert b.dtype == "u1"
+    unpack_a = np.unpackbits(a.flatten()).astype("u1")
+    unpack_b = np.unpackbits(b.flatten()).astype("u1")
+
+    index = ((unpack_a << 1) | unpack_b).reshape(-1, 8)
+
+    selection = np.array([0, 1, 2, 3], dtype="u1")
+    sel = np.where((index[..., np.newaxis]) == selection, True, False)
+    return sel.sum(axis=0).reshape([8, 2, 2])
+
+
+def bitpaircount(a, b):
+    assert a.dtype.kind == "u"
+    assert b.dtype.kind == "u"
+    nbytes = max(a.dtype.itemsize, b.dtype.itemsize)
+
+    a, b = np.broadcast_arrays(a, b)
+
+    bytewise_counts = []
+    for i in range(nbytes):
+        s = (nbytes - 1 - i) * 8
+        bitc = bitpaircount_u1((a >> s).astype("u1"), (b >> s).astype("u1"))
+        bytewise_counts.append(bitc)
+    return np.concatenate(bytewise_counts, axis=0)
+
+
+def mutual_information(a, b, base=2):
+    """Calculate the mutual information between two arrays.
+    """
+    size = np.prod(np.broadcast_shapes(a.shape, b.shape))
+    counts = bitpaircount(a, b)
+
+    p = counts.astype("float") / size
+    p = np.ma.masked_equal(p, 0)
+    pr = p.sum(axis=-1)[..., np.newaxis]
+    ps = p.sum(axis=-2)[..., np.newaxis, :]
+    mutual_info = (p * np.ma.log(p / (pr * ps))).sum(axis=(-1, -2)) / np.log(base)
+    return mutual_info
+
+
+def bitinformation(a, axis=0):
+    """Get the information content of each bit in the array.
+
+    Parameters
+    ----------
+    a : array
+        Array to calculate the bit information.
+    axis : int
+        Axis along which to calculate the bit information.
+
+    Returns
+    -------
+    info_per_bit : array
+    """
+    sa = tuple(slice(0, -1) if i == axis else slice(None) for i in range(len(a.shape)))
+    sb = tuple(
+        slice(1, None) if i == axis else slice(None) for i in range(len(a.shape))
+    )
+    return mutual_information(a[sa], a[sb])
+
+
+def get_keepbits(info_per_bit, inflevel=0.99):
+    """Get the number of mantissa bits to keep.
+
+    Parameters
+    ----------
+    info_per_bit : array
+      Information content of each bit from `get_bitinformation`.
+      
+    inflevel : float
+      Level of information that shall be preserved.
+
+    Returns
+    -------
+    keepbits : int
+      Number of mantissa bits to keep
+      
+    """
+    if (inflevel < 0) or (inflevel > 1.0):
+        raise ValueError("Please provide `inflevel` from interval [0.,1.]")  
+
+    cdf = _cdf_from_info_per_bit(info_per_bit)
+    bitdim_non_mantissa_bits = NMBITS[len(info_per_bit)]
+    keepmantissabits = (
+        (cdf > inflevel).argmax() + 1 - bitdim_non_mantissa_bits
+    )
+
+    return keepmantissabits
+
+
+def _cdf_from_info_per_bit(info_per_bit):
+    """Convert info_per_bit to cumulative distribution function"""
+    tol = info_per_bit[-4:].max() * 1.5
+    info_per_bit[info_per_bit < tol] = 0
+    cdf = info_per_bit.cumsum()
+    return cdf / cdf[-1]
diff --git a/numcodecs/bitround.py b/numcodecs/bitround.py
index 767e5e43..c3a626b4 100644
--- a/numcodecs/bitround.py
+++ b/numcodecs/bitround.py
@@ -54,14 +54,20 @@ def encode(self, buf):
             raise TypeError("Only float arrays (16-64bit) can be bit-rounded")
         bits = max_bits[str(a.dtype)]
         # cast float to int type of same width (preserve endianness)
-        a_int_dtype = np.dtype(a.dtype.str.replace("f", "i"))
-        all_set = np.array(-1, dtype=a_int_dtype)
         if self.keepbits == bits:
             return a
         if self.keepbits > bits:
             raise ValueError("Keepbits too large for given dtype")
-        b = a.view(a_int_dtype)
-        maskbits = bits - self.keepbits
+
+        return self._bitround(a, self.keepbits)
+
+    @staticmethod
+    def _bitround(buf, keepbits):
+        bits = max_bits[str(buf.dtype)]
+        a_int_dtype = np.dtype(buf.dtype.str.replace("f", "i"))
+        all_set = np.array(-1, dtype=a_int_dtype)
+        b = buf.view(a_int_dtype)
+        maskbits = bits - keepbits
         mask = (all_set >> maskbits) << maskbits
         half_quantum1 = (1 << (maskbits - 1)) - 1
         b += ((b >> maskbits) & 1) + half_quantum1