Allium, a blockchain data platform that works with the like of Visa and Stripe, has raised $16.5 million in a Series A funding round.
The round was led by Theory Ventures with participation from seed investors Kleiner Perkins and Amplify Partners, bringing Allium’s total capital raised to $21.5 million.
Allium provides enterprise-grade, quick, and simple blockchain data to clients that helps them answer strategic questions, identify investment and growth opportunities, manage business reporting, and power their applications.
The firm is hoping to capitalise on the increase in blockchain adoption and the proliferation of different networks, which will see the volume of data surge exponentially.
The sheer amount and complexity of blockchain data today makes it tedious and technically challenging to understand and report activity, invest in opportunities, and build products, argues the startup.
Ethan Chan, CEO, Allium, says: “Currently, something as essential as accurately tracking digital currency volumes requires continually normalizing data across 40+ blockchain networks and parsing thousands of smart contracts, equating to petabytes of data. Our goal is that our customers never need to worry about any of this, and can instead focus on asking great questions and building great things.”
Allium plans to use the new funds to invest in data infrastructure and scale its GTM motion to offer launchpads for financial institutions seeking to embrace digital assets, as well as payment providers, brokerages, and the blockchain ecosystems for builders.
Tomasz Tunguz, founder of Theory Ventures and new Allium board member, says: “As more assets move to blockchains, Allium will become the company that provides the data necessary to foster broader adoption and additional innovative uses of blockchains and tokens.”