OpenBB Wants To Be an Open Source Challenger To Bloomberg Terminal

An anonymous reader quotes a report from VentureBeat: Anyone who has worked in the financial services sector will at least be aware of Bloomberg Terminal, a research, data and analytics platform used to garner real-time insights on the financial markets. Bloomberg Terminal has emerged as something of an industry standard, used by more than 300,000 people at just about every major financial and investment-related corporation globally -- but it costs north of $20,000 per user each year to license, a fee that is prohibitively high for many organizations. This is something that OpenBB has set out to tackle, by democratizing an industry that has been "dominated by monopolistic and proprietary incumbents" for the past four decades -- and it's doing so with an entirely open source approach. After launching initially last year as an open source investment research terminal called Gamestonk Terminal, the founding team, Didier Lopes, Artem Veremey, and James Maslek, were approached by OSS Capital to make an investment and build a commercial company on top of the terminal. And so OpenBB is formally launching this week with $8.5 million in funding from OSS Capital, with contributions from notable angel investors including early Google backer Ram Shriram, entrepreneur and investor Naval Ravikant, and Elad Gil. The newly named OpenBB Terminal is very much an alpha-stage product, one that's aimed at the more technically minded. It's pitched as a "Python-based integrated environment for investment research," allowing any trader to access data science and machine learning smarts to unpack raw, unrefined data. OpenBB hopes that its open source credentials, and foundations in Python, will position it to win over many new users -- flexibility is the name of the game. [...] Indeed, being open source means that the broader community can add their own flavors to the OpenBB mix -- by way of example, one contributor who was interested in the foreign currency exchange market (Forex) added an Oanda integration to the project. Given that the entire source code is available for anyone to modify, companies can create their own version of the terminal with customizations that suit their niche use-cases. If they want to remove all the clutter and work purely with one type of asset, they can create a sort of light-weight version of the terminal with a much narrower focus on Forex, or cryptocurrency, for example. But who is the actual intended end-user, exactly? In truth, it could be anyone from regional investment banks and hedge funds, to venture capitalists, family offices, and mutual funds. Although the product isn't quite at that stage yet -- that is where the initial seed capital enters the fray. It's all about building the product into something that could serve a potentially large market. OpenBB Terminal will be free for now, but "there will be a concerted push to monetize it," adds VentureBeat. "Some ideas currently under consideration include building a 'slick 21st century UI,' as well as developing a software-as-a-service (SaaS) model, where OpenBB serves up the computational power to run machine learning models on vast amounts of data." "OpenBB is also exploring ways to build bridges between data sources and investors."

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