Key Takeaways:

• BMLL has secured an investment from Snowflake shortly after its $26mn Series B round.
• Buffett-backed Snowflake will tap into BMLL’s sizable Level 3 data and offer actionable insight to its clients.

BMLL, a data analytics firm with a focus on capital markets, has secured financial backing from Snowflake Ventures, the venture arm of Warren Buffett-backed cloud data platform Snowflake. The capital injection, at undisclosed figures, kicks off a powerful partnership. BMLL will be bringing its data-rich sets to Snowflake Marketplace clients.

Deeper Dive

The deal will ensure BMLL’s historical Level 3 data and analytics will flow to Snowflake’s global market participants. Through the order book, Snowflake clients from around the world will be able to access more than 75 venues for equities, futures, and exchange-traded funds (ETFs).

What’s more, the fresh capital boost follows BMLL’s Series B funding in the fourth quarter of 2022 when the company picked up $26mn from Nasdaq Ventures, FactSet, and IQ Capital.

Fruitful Collaboration Ahead

“We are very excited to have secured strategic investment from Snowflake Ventures,” said Paul Humphrey, BMLL chief executive officer, in the company’s press release. “They are backing, and are aligned with, our mission to democratize access to high quality, large-scale historical data because BMLL’s data and analytics is one of the best use-cases for large-scale, financial market data in the cloud.”

In return, Snowflake’s Head of Marketplace, Kieran Kennedy, expressed his excitement over the partnership’s prospects. “BMLL has a great track record and proven traction in serving some of the world’s largest financial institutions, “ he said. “We’re excited to announce both our investment in and partnership with BMLL Technologies.”

What’s Behind the Partnership?

What is BMLL’s Level 3 data? It is the highest and most sophisticated tier of financial insight into order books. Level 3 provides full transparency over individual orders and supersedes Level 1 and Level 2 where data isn’t that granular.

Snowflake, which picked up $735mn from legendary investor Warren Buffett in its market debut, will take this data and offer it to its growing client base of capital market participants on its Snowflake Marketplace platform. This marketplace network enables companies to find, purchase, and use data and data services to power innovative business solutions.

The collaboration aims to empower Snowflake’s clients with curated market data that will be paired with their own private trading data to unveil actionable market opportunities that would otherwise remain hidden.