An independent provider of data and analytics in global equity and futures markets has secured a £23m Series B investment.

BMLL was 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. They can access order book data and analytics to gain predictive insights, restructure strategies and understand how markets are behaving.

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

“The investment is evidence of the growing need for more sophisticated tools to understand how markets really behave and drive performance,” said Paul Humphrey, CEO.

“Our granular Level 3 data and analytics capabilities help market participants unlock the full predictive potential of historical price data and make more informed decisions.”

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BMLL counts the UK Financial Conduct Authority as a client. FCA uses BMLL Data Lab and BMLL Data Feed to study order behavior.

Among other high-profile clients, New York University’s Quant Team uses the BMLL Data Lab to conduct futures market research in its Mathematics in Finance program.

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

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

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BMLL raises £23m & will open New York base