Allium, a blockchain data platform for enterprises, has raised $16.5 million in a Series A funding round led by Theory Ventures, with participation from seed investors Kleiner Perkins and Amplify Partners, according to an announcement.
As part of the investment, Tomasz Tunguz, Founder of Theory Ventures, will join Allium’s board. This latest funding brings the company’s total capital raised to $21.5 million.
Allium specializes in providing enterprise-grade blockchain data, facilitating institutions and companies such as Visa, Stripe, Uniswap Foundation, and Phantom in answering strategic questions, identifying investment opportunities, managing business reporting, and powering applications.
The funding comes as the exponential growth in blockchain adoption has led to a surge in the volume of digital dollars on blockchains, increasing from under $500 million in early 2019 to over $145 billion by May 2024 via USDT and USDC alone.
This increase has also amplified the complexity and volume of blockchain data, making it challenging to understand, report, and invest in blockchain activities. Allium addresses these challenges with its high-quality data and delivery solutions.
Recently, Allium provided data to Visa for the launch of the Visa Onchain Analytics Dashboard, demonstrating its commitment to trust and transparency. Cuy Sheffield, Head of Visa Crypto, stated:
At Visa, we seek to better inform our clients on how stablecoins are used for transactions outside of crypto trading and to develop products that better serve our clients. The Visa OnChain Analytics Dashboard, developed with Allium, enables our clients to understand this activity better.
With the new Series A capital, Allium plans to invest in data infrastructure and scale its go-to-market strategy, aiming to offer solutions for financial institutions, payment providers, brokerages, and blockchain ecosystems. Ethan Chan, CEO and Co-Founder of Allium, said:
Allium exists to drive trust and transparency in blockchain, helping people understand and build with full confidence. Our goal is to handle the complexities of blockchain data so our customers can focus on asking great questions and building great things.
Allium’s data platform covers over 40 blockchains and 100 schemas, providing high-quality blockchain data through two main APIs: Allium Explorer and Allium Developer. Allium Explorer offers intuitive query and visualization interfaces for data discovery and financial accounting, while Allium Developer provides real-time APIs and data ingestion tools for high-performance applications.
Allium also offers tailored enterprise solutions to meet customers’ specific blockchain, schema, freshness, and delivery needs. For instance, Phantom, a leading blockchain wallet provider, uses Allium’s data platform to fetch fresh transactions and metrics, serving millions of real-time requests.
“As more assets move to blockchains, Allium will become the essential provider of the data necessary for broader adoption and innovative uses of blockchains and tokens,” said Tomasz Tunguz of Theory Ventures.
Allium’s latest funding round positions the company to further enhance its capabilities and support the burgeoning demand for reliable and high-quality blockchain data solutions in the rapidly evolving digital asset landscape.