BMLL secures $26m to democratise Level 3 data to wider audience

By Gloria Methri

Data and analytics firm BMLL has secured a $26 million Series B investment in its latest funding round. The round was led by Nasdaq Ventures, FactSet, and IQ Capital’s Growth Fund, supported by ACF Investors and other new and existing investors.

The funds raised will be used to fuel BMLL’s product and geographic expansion, catering to banks, exchanges, sophisticated hedge funds, quants, academics, and regulators.

The London-based start-up already serves big names in the financial services industry, such as the FCA; Aquis and SIX exchanges; Kepler Cheuvreux; quants from NYU and Ecole Polytechnique (academics carrying out research on equities and futures), and more.

“We are absolutely delighted to have secured $26 million in our Series B funding round. The investment is a testament to the increasing need for more sophisticated tools to understand how markets truly behave and drive performance,” said Paul Humphrey, CEO of BMLL. “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.”

The funding will support investment in acquiring new data sets globally, allowing BMLL to integrate these new data and analytics capabilities into existing products for customers. It will also help the company build its existing presence in North America with an office opening in New York.

“It has been our 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,” added Humphrey.

What is Level 3 data?

Level 3 data is unique in that it provides the most comprehensive view of market behaviour. From order resting times to fill probabilities, users can backtest trading strategies, fine-tune Algo routing logic or generate alpha.

Using BMLL’s order book data and analytics, clients can derive predictive insights and backtest strategies to generate alpha and learn how markets behave. BMLL covers equities, futures, and ETFs in Europe and the US. The company recently launched its flagship no-code data visualisation tool called BMLL Vantage.