Blockchain data platform Allium Labs closes $16.5M Series A led by Theory Ventures
Blockchain data platform Allium Labs announced that it has closed $16.5 million in a Series A funding round led by Theory Ventures, according to a press release. This was achieved with participation from Amplify partners and seed investor Kleiner Perkins.
Exciting news: we’ve raised $16.5M in our Series A, bringing our total to $21.5M! Thank you to our investors @Theoryvc, @kleinerperkins, & @Amplify, among others.
— Allium (@AlliumLabs) July 18, 2024
This industry is still young and we have ways to go, read about our next chapter here: https://t.co/PEk2QQzDQz pic.twitter.com/pzh1odomKw
Kleiner Perkins, who also participated in the most recent round, and Amplify Partners contributed $5 million in pre-seed and seed funding to the company earlier. With this latest fund, the company has raised $21.5 million in total capital. As part of its investment, Theory Ventures' founder, Tomasz Tunguz, will become a board member, the post added.
Allium intends to invest its new Series A funding in data infrastructure and expand its GTM motion to provide launchpads for financial establishments looking to adopt digital assets, as well as brokerages, payment providers, and blockchain ecosystems for developers.
"The mission of Allium is to promote transparency and trust in blockchain technology, enabling individuals to understand and build with full confidence," stated Allium's CEO and co-founder, Ethan Chan. "At the moment, processing thousands of smart contracts and continuously normalizing data across over 40 blockchain networks—a total of petabytes of data—is necessary for accurately tracking the volumes of digital currency. We want our customers to be able to ask great questions and build great things without ever having to worry about any of this.
It is still early in the market for tokens and cryptocurrencies. To name a few, Allium powers the blockchain ecosystems for builders, brokerages, and payment providers, some of the most well-known applications touching this emerging asset class, according to Theory Ventures founder Tomasz Tunguz. Allium aims to become the go-to company for data necessary to promote wider adoption and innovative applications of tokens and blockchains as more assets move to blockchains.
As the use of cryptocurrencies grows, developers are finding it increasingly difficult to guarantee that their apps have reliable access to fresh data. Building even the most basic analytics application is difficult because of how complicated and dynamic this data is, according to Bucky Moore, Allium Board Observer and Partner at Kleiner Perkins. "Our team has extensive experience managing and developing real-time data pipelines, and they have utilized this expertise to build the leading real-time blockchain data platform for organizations in the industry."
Allium recently gave Visa the necessary data for the launch of the Visa Onchain Analytics Dashboard, demonstrating its dedication to transparency and trust.
"We aim to provide our customers with more information about how individuals and businesses use stablecoins for transactions that may not be related to cryptocurrency trading activities," said Cuy Sheffield, Head of Visa Crypto. "We also use this information to guide our partnership with partners in building products that will better cater to our customers' needs."
"The purpose of the Visa OnChain Analytics Dashboard is to help our clients better understand this activity. We look forward to working with partners like Allium to iterate on our dashboard and metrics to assist our clients as they explore stablecoin use cases and opportunities in the payment ecosystem."
For top organizations and companies like Visa, Stripe, Uniswap Foundation, and Phantom, Allium offers enterprise-grade, fast, and easy-to-understand blockchain data that makes it simple to manage business reporting, find investment and growth opportunities, and respond to strategic questions. By developing two APIs, Allium Developer and Allium Explorer, Allium's suite of data products provides high-quality blockchain data wherever and whenever customers need it, with coverage of over 100 schemas and over 40 blockchains.
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