Historical Level 3 data provider BMLL has secured investment from Snowflake Ventures and entered into a partnership with the firm to provide granular data and analytics to market participants worldwide.
Snowflake Ventures joins existing Series B investors Nasdaq Ventures, FactSet and IQ capital who raised $26 million in a funding round late last year.
Read more: BMLL raises $26 million to finance North American expansion
“We firmly believe historical data of this quality is the new gold. Previously, high-quality engineered Level 3 data was the preserve of only the world’s most sophisticated quantitative firms,” Paul Humphrey, chief executive of BMLL, told The TRADE.
“It takes a non-trivial amount of engineering to take big data and make it into usable, relevant data. BMLL is on a mission to democratise access to this data and raise the bar on the general quality of historical content available.”
The new partnership will eliminate the need for costly, in-house storage and data engineering, alongside accelerating time to insights – with Level 3 data stored, curated and harmonised by BMLL and delivered via the Snowflake Marketplace.
“One of the key ways in which we can democratise access to Level 3 data, is to make sure that users have a choice in how they can access it,” added Humphrey.
Snowflake’s client base will now be able to access BMLL data and analytics covering venues for equities, futures and ETFs via the Snowflake Marketplace and within their private clouds.
This will enable the ability to create enhanced, augmented and new proprietary data sets, gain actionable insights on market behaviour and enhance decision-making analysis.
“Our partnership with BMLL is an excellent example of a big data, cloud use-case for financial markets,” said Harsha Kapre, Snowflake Ventures.
“By making BMLL’s data and analytics available via the Snowflake Marketplace we deliver on increasing customer demand for core analytics and analytical workflows.”