An independent provider of data and analytics across global equity and futures markets has secured £23 million Series B investment.

BMLL has been backed by lead investors Nasdaq Ventures, FactSet and IQ Capital’s Growth Fund. The round was supported by ACF Investors and other existing investors.

BMLL’s clients include banks, brokers, asset managers, hedge funds and global exchanges. These can access its order book data and analytics to derive predictive insights, backtest strategies and gain an understanding of how markets behave.

The funding will support investment in acquiring new data sets globally; growing engineering capabilities; and building on its existing presence in North America with the opening of an office in New York. 

“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. 

“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.”

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BMLL counts UK regulator the Financial Conduct Authority as a customer. The FCA is using the BMLL Data Lab and BMLL Data Feed to examine order behaviour. 

Among other high-profile clients, New York University’s Quant Team uses the BMLL Data Lab to carry out research on the futures market at its mathematics in finance program.

Gary Offner, senior vice president and head of Nasdaq Ventures, said: “Nasdaq Ventures is committed to investing in financial technology companies that align with our vision to reimagine the markets of tomorrow. 

“By democratising access to the most granular data and analytics, all market participants can benefit from BMLL’s solutions, and we are delighted to support their continued growth.”

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