BMLL has secured $26 million in Series B investment from Nasdaq Ventures, FactSet, IQ Capital’s Growth Fund and ACF Investors, among others.
The firm,, which provides historical Level 3 data and analytics to the capital markets, said the funding will be deployed to support investment in acquiring new data sets globally as well as growing the firm’s engineering capabilities to integrate these new capabilities into existing products.
It also be used for expanding its presence in North America with the opening of an office in New York.
The firm plans to use the funding to support the acquisition of new datasets globally, as well as to build on its North American presence with the launch of a new office in New York.
BMLL provides Level 3 data and analytics to banks, exchanges, hedge funds, quants, academics and regulators.
Level 3 data is unique in that it gives you the most comprehensive view of how the market behaves, from order resting times to fill probabilities; users can backtest trading strategies, fine tune algo routing logic or generate alpha.
Clients range from Jefferies and Kepler Cheuvreux to SIX Group, Aquis, New York University’s quant team and the Financial Conduct Authority.
BMLL has also expanded into the futures market and launched BMLL Vantage, a no-code data visualisation tool for European and US equities for European Union and US equities and exchange traded funds (ETFs).
“The investment is testament to the increasing need for more sophisticated tools to understand how markets truly behave and drive performance,” said Paul Humphrey, CEO, BMLL.
He added, “Our granular Level 3 data and analytics capabilities help market participants unlock the full potential of the predictive power of historic pricing data and make more informed decisions.”
Humphrey said it was the firm’s mission to “democratise access to Level 3 data and analytics capabilities and the latest funding will support our aim to make these insights available to a wider audience.
“We take care of the data science aspect and are able to offer our clients data and analytics capabilities ‘as a service’ to help them derive predictive analytics, backtest trading strategies or generate alpha,” said Humphrey. “Essentially, we help market participants make better trading decisions – at speed, and scale.”
