# QuantConnect

Leveling the quant playing field for independent investors.

## Elevator pitch
QuantConnect helps people automate their investments. Our clients write rules for trading that we execute on their brokerages. With our powerful technology, investor trading is more disciplined. We handle all the expensive, boring and difficult tasks required to deploy a quant trading strategy, leaving our investors to focus on building their ideas.

- Canonical URL: https://wefunder.com/quantconnect
- Entity ID: wefunder:company:113758
- Last updated: 2026-06-12T05:00:46Z
- Generated at: 2026-06-13T03:09:50Z

## Quick facts
- 📈 QuantConnect’s award-winning platform trades over $750M/mo, up 12.5x since 2018
- 💵 Reached $1M in revenue (cash basis) in 2021 with 2.5x year-on-year growth
- 👨🏼‍💻 1,500 paying clients and a community of 200k+ write over 1M lines of code each month
- 🌟 LEAN, our open-source framework, is in the top 0.4% on Github with 6,000+ stars
- 👩🏻‍💻 LEAN features contributions from 150+ engineers
- 👥 Led by a passionate team of product and algorithmic software experts

## Active fundraises
- wefunder:fundraise:63493: 4(a)(6) successful (USD)
- wefunder:fundraise:64561: 4(a)(6) successful (USD)

## Story
🧠 Quant trading is the most common way to invest.With the right tools, the right data, and the right knowledge, anyone can learn to create and trade with quantitative strategies. The result is a more level playing field and an overall healthier market where everyone benefits.🤔 But, quant investing is impossibly hard for most investors.Quantitative trading is complicated, costly, and unattainable. Tech barriers to setting up a quant system are high, SIP data feeds cost $15,000-20,000+ per month, and education opportunities are limited and expensive.In the quant world, investors live or die based on the success of their ideas, their trading, and their models. But, top funds that hold exclusive access to tools, platforms, and systems limit their client rosters to ultra-high net worth individuals – leaving independent investors to fend for themselves.✊🏼 Democratizing finance since 2012.We are making quant investing simple, affordable, and accessible with an ecosystem that handles 90% of the complicated math and data processing. QuantConnect users trade over $750M in live volume and write 1M lines of code, every month. We have over 1,500 paying clients and reached $1M in revenue (cash basis) in 2021 with 2.5x year-on-year growth. More than 99% of all site traffic is organic and from word-of-mouth referrals. 🚀 We offer industry-leading tools at 1% of the cost that institutions are paying.Our end-to-end ecosystem super-charges every part of a quant team. This includes everything from onboarding and training, to scaling a cloud infrastructure, and even preparing and maintaining datasets. Lastly, our system also helps perform analysis, run back-testing, and can also execute live trades. 📟 Our platform empowers quant traders to evolve at light speed. QuantConnect handles all of the data plumbing and infrastructure so you can focus on what matters most without worrying about foundational systems. Data processing and connections, and brokerages are all there - all you need to do is dream and make your ideas a reality.  📊 QuantConnect’s open-source framework, LEAN, is in the top 0.4% of all GitHub projects with 6,000+ stars.Our entire platform runs on LEAN, an open-source framework that anyone can learn to use thanks to our free educational tools and courses.LEAN handles 90% of the heavy lifting, letting you focus on your strategy’s secret sauce. Common challenges with quant trading are handled for you, and there is a large community of engineers familiar with the codebase.LEAN has more than 500,000 lines of code and was built over eight years with contributions from 160 engineers around the world. 🌎 An active community of 200,000 quants and trading firms.We’re on a journey to power the next stage of open-source quant investing. Every week we see more businesses choose to start up on QuantConnect and LEAN. Our community is made up of sophisticated individuals and the next generation of quant funds, from around the world. As a company that is built on the shoulders of its 200,000+ community members, crowdfunding is the obvious next stage. Our community means everything to us and we believe that the future of QuantConnect’s success will depend on YOU. Leveling the playing field in investing won’t just take a village, it will take a movement.🌄 QuantConnect will become the OS that underpins every investment on the planet.Imagine this: by 2030, every brokerage in the world is integrated with LEAN, QuantConnect’s fully open-source framework. Every integration you can think of was contributed by the open-source community and the brokerages themselves, saving developers years of wasted time reimplementing the same REST API plumbing.In the future, QuantConnect will offer tens of thousands of datasets all updated in real-time. Datasets are easily installed with a single line of code virtually eliminating ETL (Exchange Transform Load) for every alt-data source in the world. As our community library of code snippets grows, quants can prototype and test even faster than before. A no-code quant strategy builder has enabled millions more to build, test, trade, and share their ideas.Getting to tomorrow starts right now.Forward-looking projections cannot be guaranteed.💼 Addressing a multi-billion-dollar market opportunity.QuantConnect sits at the intersection of three major market opportunities.1. Cloud Financial Analytics - Companies that seek to perform financial analysis in the cloud for faster research and lower overall costs (a $100B global market in 2022)2. Financial Data - Firms that are regularly purchasing datasets for on-premise analysis (a $37B global market in 2022)3. Asset Management - Assisting users to raise assets and monetize strategies, earning a share of management fees (management fees totaled $2.14T globally in 2022)Forward-looking projections cannot be guaranteed.We are projecting our revenues to increase seven-fold over the next three years as cloud infrastructure sales, on-premise data sales, and B2B partnerships continue to climb. When we've invested in our technology in the past, we've unlocked equally large bumps in revenue growth. Because of this, we will continue investing to make LEAN one of the world's top algorithmic trading platforms.Forward-looking projections cannot be guaranteed.Note the below projections are hypothetical and cannot be guaranteed.🔋 Your investment will power the next stage of open-source quant investing.Your investment will power the next stage of open-source quant investing. We aim to build and maintain the world’s most advanced and comprehensive quantitative trading and investment data platform. Our ultimate goal is to raise $5M entirely from our community.We'll reserve 50% for research and development to improve QuantConnect and open-source as many brokerages and datasets as possible. We'll deploy 22.5% towards education to lower the barriers to becoming a quant and 20% toward improving our business sales processes. 💵 By investing in QuantConnect, you’ll be able to directly impact the future of open-source quant investing.Beyond just equity, we’ve got a series of tiered perks that investors can earn depending on their level of investment. These tiers are cumulative, which means you are entitled to more perks the more you invest. Moreover, the upgrades will be deployed to the LEAN open source project and QuantConnect Cloud. Ultimately, these perks benefit everyone in the community.

## FAQ
1. **Could you elaborate on how, when (approximately) and to what degree we can expect a return on investment?**
   - Hi Haakon! Rather than an exit and potential shutdown from the acquirer, we would prefer QuantConnect and LEAN to remain for decades and continue to expand as the operating system of finance. Additionally, we would like to remain like Amazon - focusing on growth and reinvestment of capital rather than paying dividends. With this growth focus, the best source for an exit would be through a secondary market or our IPO. We believe eventually WeFunder will offer a secondary market for stockholder...
2. **What items are included in "cost of revenues"? (Market data? Commissions?)**
   - Financial data and compute infrastructure (cloud + colo) are our primary COGS expenses, and some smaller services for automation. We have an optimized mix of cloud technology and dedicated servers.
3. **How many employees do you have?**
   - Nine doing the work of 30 :) 2 UX | 3 Quant | 3 LEAN + Myself. We plan to grow the UX team as a smooth, bug-free online experience is key to a frictionless, low-touch, sales process. We'll also invest UX bandwidth in better charting for users' research which is a key value proposition for our cloud platform. We get 2000-4000 visits to the platform daily, and estimate that 5% of the traffic is from corporate visitors. We plan to add a sales representative to reach out these corporate clients.
4. **Where do you see the 0.8M of the 1.8M revenue coming from for '22 when the avg. of the last 3 months is 80k (* 12 = ~1M) and (I assume SaaS typically) growth is linear**
   - We are launching a brand new distribution channel and product line I'm excited about - We will soon offer an environment identical to our cloud VSCode development environment, but for on-premise installations - for a low per-seat price. This will give local users the same ultra-powerful backtesting / research / optimization / live-trading user interface but on-premise. To fuel these on-premise installations firms will need to purchase financial data or convert existing data. Some will work to...
5. **Being that we are not investing directly in QuantConnect, rather QuantConnect I EB, the SPV, in the eventuality that QuantConnect goes public will my shares be converted to QuantConnect shares on a 1-to-1 basis? Pre-IPO my SPV shares have no guaranteed value. I believe in the ...**
   - Hi Aaron! My understanding is that it is converted on a 1-1 basis (assuming no stock splits/etc). This was the recommended path from WeFunder and keeps things simple for administration with a large pool of investors. I asked WeFunder they said, "the SPV dissolves upon IPO, at which time Wefunder investors are converted on a 1-to-1 basis." Legal gave a more complete longer response below: -- The QuantConnect securities held by the WeFunder SPV would be convertible into common stock at the appl...

## Team
- Jared Broad (CEO & Founder)
- Gustavo Aviles (CXO)
- Martin Molinero (CTO)
- Alex Catarino (Quant Team Lead)

## Q&A
- Q: What has been your thinking on choosing crowdfunding over VC for this raise? Have you pitched this round to VCs?
  - A: Over the years, we've pitched hundreds of VCs and received hundreds of rejections, at least 60 of those in-person meetings. Despite this, we've continued to grow revenue and improve the product to find PMF. Meanwhile, well-funded venture competitors ($50M+) have flamed out. Through those rejections, we've also started to see direct competition from Amazon Finspace, BQuant, and Beacon, who are funded by the industry, not VCs. The core reasons are the same, but the biggest is that modern VCs aren't set up to invest in quantitative finance / QuantConnect. They are governed by fixed math on the types of bets they can take to get a return for fund LPs within a fixed term. VCs typically prefer mass-market consumer products, whereas quant is more like a "valuable niche". QuantConnect represents a long-term, valuable-niche, mission-driven company more like Figma (https://qnt.co/3G4lx6g). The VC proposed "solution" to raise substantial capital is to increase prices by 10-30x, hire 10+ sales staff, and sell the platform exclusively to larger firms (B2B / Beacon / Crossing the Chasm https://qnt.co/3Ej6yEq). This would break the core mission of the company; to provide access to any investors to quantitative trading technology. We operate more like AWS-EC2, where there is no filter on who can use the platform, and you can scale up as you need. This provides all investors access without barriers. We see clients start at $8/mo and grow to $30K/year as their organization grows. We are raising capital from the community to stay true to that mission, with confidence we can unify the quant ecosystem under a truly open-source quantitative infrastructure. The industry is fragmented as vendors and funds are all serving their interests. We're creating the world's first fully open-source Linux of quant finance to power the quantitative funds of tomorrow.
- Q: I'm a CTO in the telecommunications industry. I run an AI-driven hedge fund in my spare time. I built an entire quant platform from scratch for my fund. Looking at transitioning to LEAN so I can focus on my strategy development and not the execution / backtesting / analytics platform. I've been studying the LEAN source-code for about a week and have absorbed the majority of it. There's a fair amount of undocumented behavior (that of course is necessary). Your documentation is okay but is dumbed-down and missing critical details for people that want to scale with LEAN. I believe this is more important than hiring more engineering (SWE / UX). You can build a subpar product with excellent documentation and succeed. However, you cannot build a great product / platform with poor documentation and succeed. You guys have a great product with okay documentation. Let's change that to a great product with amazing documentation. What would it take to get a commitment from you to hire someone full-time to work exclusively on documentation?
  - A: Thank you for the feedback Ben, on the raise passing $1.5M I'd be happy to make that commitment. We value education and documentation and have a large chunk of the raise allocated to it. Below $1.5 we'll have to keep the team as generalists as it wouldn't afford specialization. If you're interested in funding this specifically, an investment of $100K would cover the docs engineer's salary+tax for a year. I agree we need at least one person full-time on this going forward. With a full $5M raise we can have multiple people on documentation, tutorials, and instructional videos. The first 12mo sprint for docs-v2 was to build documentation for four "experiences" - Our Platform, Writing Algorithms, Research Notebooks, and the LEAN CLI. We finished this in August 2022 and it took roughly 1.5 man-years (https://qnt.co/3UhMjwB) The final "experience" is the LEAN Engine itself. We're starting this work by mapping the largest object structures to explain how the engine works (https://qnt.co/3BmSmrk) and how data flows through its "pipes". Our plan to drive an open-source ecosystem for quant finance will need impeccable documentation for LEAN, our Brokerages, and Dataset plugins.
- Q: How is this better than a Bloomberg Terminal other than the fact the cost may be a fraction of a Terminal?
  - A: Hi Michael. Bloomberg BQuant is a Jupyter research environment on top of the Bloomberg data stack. It is within the Bloomberg Terminal and fairly restrictive. There are many aspects we're an order of magnitude better: 1,2,3: We cover the entire "Research to Trade" pipeline: A Jupyter research environment is just the starting block. Once a quant does research, the next step is a fee-slippage adjusted, point-in-time backtest to get a realistic simulation of the strategy performance. Once you have a working backtest, the next step is a parameter sensitivity or parameter optimization step where you explore how vulnerable your strategy is to the specific settings of your algorithm. Finally, a backtested, optimized strategy can be traded in forward live or paper trading, an entirely new technology stack. We provide this end-to-end ecosystem in a way you can reuse code from research all the way through to production trading. BQuant doesn't come close, and the technological leap from Jupyter Notebooks to real-time live trading is enormous. 4. Vendor lock-in: The price tag for the Bloomberg Terminal is just the start; once you've signed up to BQuant, the data fees are enormous, and you have practically no route off the platform. QuantConnect is broker and data-neutral, offering many integrations to the core technology. This gives our clients portability and choice in their data supply. We believe enabling this portability for clients will be a key driver to reducing the cost of data for the quants we serve and encourage more competition. 5. Open-source flexibility: BQuant is entirely closed-source as Bloomberg does not want portable clients. They have a painful and poorly documented API, making working with their platform difficult. It comes with particular licensing restrictions that can result in unexpected fines from exchanges. We have a simple Apache 2.0 license, public source code, and well-documented API. If you don't like an aspect of our technology, LEAN, you can simply fork the code and make the changes you need for your firm. It is freedom of choice for the clients on their data, hosting, and trading. We appreciate Bloomberg has an order of magnitude more data available than QuantConnect. This is solvable with the right network effects and an open strategy. We're open-sourcing our data integrations and creating docs to show data vendors how to make their data work with LEAN, unlocking a new market for their sales. With time we'll grow to thousands of data integrations as vendors seek sales, marketing, and third-party validation of their data. Major data companies like Refinitiv/ICE are already exploring cloud analytics portals to access their data as they appreciate clients are seeking more flexibility. Additionally, Bloomberg BQuant has a large, well-established sales engine. This is a blessing and a curse as it's a massive cost base for the company. However, in TCO (total cost of ownership) discussions, we're seen as a clear leader. As BQuant sales outreach grows, we'll encourage the comparison and reduce our feature differences. The initial market segment we're serving also is unattractive to Bloomberg sales representatives as they're not able to drive $100K+ in revenues to earn a commission. Finally, with our chain of partnerships from brokerages to data vendors, we see efficient inbound referrals driving our sales.
- Q: With the high monthly trading volume you are seeing, have you thought about becoming an independent broker/dealer, prime broker, or an introducing broker to a service like Interactive Brokers? Leveraging a proprietary trading platform to launch a broker seemed to work well for TradeStation, and could likely help you increase your monetization of your customer base.
  - A: Thank you for the question Leonard. It's a challenging question as TradeStation generated 78% of its $219M 2021 revenues from trading fees, so there is clearly an opportunity. We've given it careful thought and decided against it at this time despite TradeStation's success with the model. Firstly, brokerage models invariably lead to pressing clients to do more trading volume - often without regard for client trading results. Because of this most of the brokerage industry relies on the high churn of clients. We've always been focused on how to make our clients profitable. Secondly, it would likely lead to removing support from LEAN for other brokerages and then the end of the vision for the Linux / operating system of finance as we'd be incentivized to drive all trading volumes into our brokerage. At scale, we believe QC will be listed on every broker website as a platform available to clients, similar to how MetaTrader4 is today. As a benchmark MT4 serves 3M-16M clients, vs TradeStation's 146K. We're confident focusing on the success of our users and building an "open ecosystem vision" will result in a far bigger business in the long term. We see parallels in how Automattic built and nurtured the WordPress ecosystem, resulting in hundreds of new businesses, and how MS/Windows enabled the creation of millions of businesses and trillions in value. Lastly, we think our current market is more promising. The mix of cloud analysis and financial technology is an emerging space with few competitors. Financial firms are embracing cloud computing resulting in excellent growth of our cloud-quant-analysis offerings. As the best platform in the space, we'll consume the lion's share of their cloud computing budgets.
- Q: Can you talk about $1M in ARR and how that sustains the current team and future team? What is your philosophy on cash management? If your burn rate increases and your investments in things like better documentation don't drive growth, for example, when and how would you pivot? Wait a year to see? 6 months?
  - A: Hi Todd, we keep a tight leash on cash and grow expenses only with revenues. Our track record demonstrates this discipline. Over the last two years, we've reduced the burn from $250K to $40K per month through increased revenues, improved margins, and reduced COGS. We've almost always maintained a 2+ year runway from cash-in-bank. This reduction in the burn is from our culture of experimentation; projects are given test budgets and periods, and we ruthlessly test and evaluate the results. This has allowed us to survive where competitors have struggled by betting the house on one idea. Now margins are healthy, we are shooting for growth of topline sales which will allow sustainable growth of the team. Products like financial data and on-premise technology are not new, so we're confident they'll get adoption. We see this in our early testing already with bread-and-butter products like US Equities Security Master substantially contributing to sales. This is nearly 100% margin for us as we build it for our cloud platform. TLDR: The WeFunder investments aren't done blindly :) And we'll evaluate each day to see if they can be put to better use. We have to input an educated guess at the start of the campaign, but we adapt as markets and opportunities present themselves.
- Q: Being that we are not investing directly in QuantConnect, rather QuantConnect I EB, the SPV, in the eventuality that QuantConnect goes public will my shares be converted to QuantConnect shares on a 1-to-1 basis? Pre-IPO my SPV shares have no guaranteed value. I believe in the QuantConnect mission and want to invest, but I am a bit apprehensive about investing in an SPV, as it is operating as its own LLC.
  - A: Hi Aaron! My understanding is that it is converted on a 1-1 basis (assuming no stock splits/etc). This was the recommended path from WeFunder and keeps things simple for administration with a large pool of investors. I asked WeFunder they said, "the SPV dissolves upon IPO, at which time Wefunder investors are converted on a 1-to-1 basis." Legal gave a more complete longer response below: -- The QuantConnect securities held by the WeFunder SPV would be convertible into common stock at the applicable conversion price as calculated in accordance with the certificate of incorporation. While the conversion ratio is currently 1:1, it is subject to adjustment in a manner favorable for the SPV pursuant to the anti-dilution provisions in the certificate of incorporation. As set forth in Section 6.2 of the subscription agreement between the SPV and the investor, the SPV investor may expect to receive a distribution from the SPV when the SPV has sold or otherwise disposed of its investment. The QuantConnect securities are held by the SPV to simplify administration. Once the offering is closed the WeFunder SPVs will be logged on QuantConnect’s cap table.
- Q: Is this a crowdfunding for equity or for a product ?
  - A: Equity. We are including product perks for those who are interested.
- Q: How does QuantConnect differentiate itself from a tool like TradingView’s Strategy Tester? As a programmer, I found Pine Script, or even ThinkOrSwim’s ThinkScript, to be very intuitive and easy to write compared to the Python code necessary for QuantConnect strategies. Research is also much more easily done directly on a chart than in a Jupyter Notebook. My concern is that there’s a barrier to entry for novices due to some of the complexities of the QuantConnect syntax for both research and strategies.
  - A: Hi Jacek; generally our platform that can serve more sophisticated investors. We try our best to make it digestible for all investors, but it is more powerful at its core. To give you an idea; below is "QC vs Other" QuantConnect vs Other ---------------------------------------- Multi-Asset --|-- Single Asset Portfolio Sim --|-- Base Close-Open Equity. Tick to Daily --|-- Daily Bars Only AI/ML/Factor --|-- Technical Only Alt Data --|-- Price Data Only Custom Data --|-- Fixed Data Sources Only -------------------------------------------- We're attempting to solve the -usability- challenges with our hybrid low code UX; but it will still require knowledge of quant fundamentals (or a willingness to learn them from QC). What we can guarantee is that the platform remains -accessible- to all investors; so those who want to can login to our cloud and use the technology without barriers to entry.
- Q: Do you accept funding from Hong Kong? The reason I asked is that I failed to pay with my credit card issued from Hong Kong.
  - A: Hi Yuheng, from what I can tell WeFunder works in Hong Kong, but if you continue having issues with that card please contact support@wefunder.com, and they can find out why it wasn't accepted.
- Q: When does the early bird terms end?
  - A: Hi Jaime, the early bird terms apply for the first $1.5M raised. We will be closing the round on November 25th to focus on end-of-year sales for the last 4-6 weeks of the year. If you're interested, I'd recommend getting involved so you don't miss out!
- Q: When will 2022 financials be released? EOQ or EOY?
  - A: Early 2023.
- Q: Hi, I’m interested in investing, but I’m concerned about a potentially public company having crowdsourced developers/algorithms as one of its primary value props. Do you see this as a potential limitation to breaking through with bigger firms and significantly growing revenue? Any other companies successfully built based on crowdsourced data or algorithms?
  - A: Our business provides infrastructure as a service like how AWS sells companies nodes to run their web services, we provide developers compute to run their algorithms. We also expect to serve as a data marketplace for more of our revenues going forward. We don't factor in crowdsourced alpha at all. We want to empower individuals with equal access to powerful technology, so their ability to succeed with algorithmic trading is based on merit. Many people compare us to Quantopian, a crowd-sourced alpha company, but unlike Quantopian, our business is focused on serving quants and charging for those services, not trying to seek alpha from them. We empower quants to earn returns by taking care of many difficult and expensive aspects of quant trading.
- Q: I love the potential of QuantConnect and LEAN. However, while the UX is solid, the product itself has a high learning curve. I tried building an algo a few months ago but ran into roadblocks--and I have 10+ years experience coding both Python and C#. How are you planning to address this, in terms of training programs, developer evangelism, certifications, and even a consulting arm within your organization?
  - A: Hi Joe! Quantitative trading in general has an insanely very high learning curve, and we'll always strive to make lower it as much as possible. There are two audiences we do this for: Developers - Developers care about most of the things you mention above; good documentation, tutorial videos, training, and certification programs. On our to-do is interactive documentation (Jupyter in the docs), and more Boot Camps. Boot Camp has been very successful with a 4.1/5-star rating from the 70,000+ engineers who've passed through it. It is an interactive, code-along style of helping people build algorithms step by step. Building more Boot Camps for crypto, futures, and options is the priority of the quant team for the next three months. We encourage third-party contributions of tutorial video content like Louis's Trade Options with Me YouTube channel as these educators have nuanced ways to communicate the concepts that resonate with people. Portfolio Managers / Investors - Portfolio managers will soon be able to use a low code GUI to assemble our framework modules to build their strategy. These framework modules will be from a code-market place where the community can contribute the modules. This should dramatically lower the barrier for non-coding investors; while still baking-in key good "quant" behavior with the LEAN/Algo Framework classes. We've assigned a massive fraction of our budget to education. We are working with the University of Washington and another "Ivy League" university I can't announce yet to develop a free quantitative curriculum that should reduce these barriers to using our platform. Regarding Consulting - We are following Clay Christensen's strategy for disruption (https://www.youtube.com/watch?v=jstCc3A4OWY). This includes setting up "Value Networks" where businesses surrounding QC benefit from our success. We do this with data vendors (who can distribute their data through our Data Market www.quantconnect.com/datasets) and algorithm design consultants that we call Integration Partners (www.quantconnect.com/integration-partners). These individuals and companies offer consulting services for algorithm design that we promote to have happier clients on the platform.
- Q: Thank you for the earlier response. A follow up question; You had mentioned that your hope is to IPO in the next 5-10 years as revenue grows. Would you be able to provide a clearer picture as to your path to IPO? Where does the company need to be in order to meet your personal requirements for an IPO?
  - A: Currently, we're focused on growing the revenues and market penetration. The market segment of "cloud quant analytics" is fairly new and we're discovering new clients interested in entering the quant space. We have got ambitious plans for the company whether public or private, so we will keep executing and see when it makes sense to IPO. We care about providing investors liquidity and will provide secondary market options as they become available.
- Q: Where do you see the 0.8M of the 1.8M revenue coming from for '22 when the avg. of the last 3 months is 80k (* 12 = ~1M) and (I assume SaaS typically) growth is linear
  - A: We are launching a brand new distribution channel and product line I'm excited about - We will soon offer an environment identical to our cloud VSCode development environment, but for on-premise installations - for a low per-seat price. This will give local users the same ultra-powerful backtesting / research / optimization / live-trading user interface but on-premise. To fuel these on-premise installations firms will need to purchase financial data or convert existing data. Some will work to convert their data (slow painful work), and others will elect to purchase and subscribe to QuantConnect's data. Data sales fairly large ranging from $5,000-$80,000 per sale - with 100-200 sales over the quarter we can make the goal. From early research with equity data vendors, we believe this is achievable. To help sell this new feature, we're also launching enterprise marketing material to give business clients more direction on how we can help their funds. Enterprise sales typically happen in the last quarter as funds set budgets for the following year.