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Blockchain Data Platform Allium Raises $16.5M
Allium, a blockchain data platform that works with Visa and Stripe, has raised $16.5 million in a Series A funding round.
The round was led by Theory Ventures with participation from early investors Kleiner Perkins and Amplify Partners, bringing Allium’s total capital raised to $21.5 million.
Allium provides customers with fast, easy, enterprise-grade blockchain data that helps them answer strategic questions, identify investment and growth opportunities, manage business reporting, and power their applications.
The company hopes to capitalize on the increased adoption of blockchain and the proliferation of different networks, which will lead to an exponential increase in data volume.
The startup argues that the sheer volume and complexity of today’s blockchain data makes it tedious and technically challenging to understand and report activity, invest in opportunities, and create products.
Ethan Chan, CEO of Allium, says: “Currently, something as essential as accurately tracking digital currency volumes requires continuous data normalization across 40+ blockchain networks and analyzing thousands of smart contracts, equivalent to petabytes of data. Our goal is for our customers to never have to worry about any of this and instead focus on asking big questions and building big things.”
Allium plans to use the new funds to invest in data infrastructure and expand its GTM efforts to provide launch pads for financial institutions looking to adopt digital assets, as well as payment service providers, brokers and blockchain ecosystems for developers.
Tomasz Tunguz, founder of Theory Ventures and new member of Allium’s board of directors, says: “As more assets move to blockchain, Allium will become the data company needed to drive broader adoption and further innovative uses of blockchain and tokens.”