Allium, a blockchain data platform that works with companies like 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 its customers with fast and easy enterprise-grade blockchain data to help them answer strategic questions, identify investment and growth opportunities, manage business reporting, and power their applications.
The company hopes to benefit from increasing blockchain adoption and the proliferation of various networks, which will lead to an exponential increase in data volume.
The sheer volume and complexity of blockchain data today makes it tedious and technically difficult to understand and report activity, invest in opportunities and develop products, the startup argues.
Ethan Chan, CEO of Allium, says: “Currently, something as essential as accurately tracking digital currency volumes requires the continuous normalization of data across over 40 blockchain networks and the analysis of thousands of smart contracts, equivalent to petabytes of data.” That is our goal “That our customers don’t have to worry about that and can instead focus on asking great questions and creating great things.”
Allium plans to use the new funds to invest in data infrastructure and expand its GTM effort to provide launchpads for financial institutions looking to leverage digital assets, as well as payment providers, brokerage firms and the blockchain ecosystems for builders.
Tomasz Tunguz, founder of Theory Ventures and new board member of Allium, said: “As more and more assets move to blockchains, Allium will be the company that provides the necessary data to drive wider adoption and additional innovative uses of blockchains and tokens support financially.”