Allium, a blockchain data platform collaborating with major players like Visa and Stripe, has successfully raised $16.5 million in a Series A funding round.
The funding round was spearheaded by Theory Ventures, with contributions from seed investors Kleiner Perkins and Amplify Partners, increasing Allium’s total capital raised to $21.5 million.
Allium delivers enterprise-grade, quick, and accessible blockchain data, enabling clients to answer strategic questions, uncover investment and growth opportunities, streamline business reporting, and enhance their applications.
The company aims to leverage the growing adoption of blockchain technology and the expansion of various networks, which is expected to lead to a substantial increase in data volume.
Given the vast amount and complexity of blockchain data today, understanding and reporting activities, investing in opportunities, and developing products can be labor-intensive and technically demanding, according to the startup.
Ethan Chan, CEO of Allium, emphasizes, “Currently, accurately tracking digital currency volumes involves continually normalizing data across over 40 blockchain networks and parsing through thousands of smart contracts, resulting in petabytes of data. Our objective is to ensure that our customers never have to worry about these challenges, allowing them to focus on asking insightful questions and creating exceptional solutions.”
Allium intends to utilize the new funding to enhance its data infrastructure and expand its go-to-market strategy, providing support for financial institutions eager to adopt digital assets, as well as payment providers, brokerages, and builders within the blockchain ecosystem.
Tomasz Tunguz, founder of Theory Ventures and a new member of Allium’s board, remarks, “As more assets transition to blockchains, Allium will emerge as the key player providing the data necessary to drive broader adoption and innovative applications of blockchains and tokens.”