Allium Secures $16.5 Million in Series A Funding to Expand Blockchain Data Infrastructure

by Nicholas Edwards · 18/07/2024

Allium raises $16.5 million in Series A funding led by Theory Ventures to expand its enterprise-grade blockchain data platform, supporting institutions like Visa and Stripe.

Bollywood Fever: Allium, an enterprise-grade blockchain data platform, has successfully closed a $16.5 million Series A funding round led by Theory Ventures. This follows previous funding rounds where Allium raised $5 million in pre-seed and seed funding from notable investors Kleiner Perkins and Amplify Partners, both of whom also participated in the latest round.

The renewed institutional and investor interest in crypto, spurred by the launch of spot bitcoin exchange-traded funds and the growth of the tokenized Treasury bond market, suggests a prime opportunity for companies like Allium to expand their operations.

“The demand for cryptocurrencies and tokens has just started. Allium powers many of the most popular applications touching this burgeoning asset class: payment providers, brokerages, and the blockchain ecosystems for builders – just to start,” stated Tomasz Tunguz, founder of Theory Ventures.

Allium plans to leverage the newly raised capital to enhance its data infrastructure, including creating launchpads for financial institutions looking to integrate digital assets. The platform already collaborates with major companies like Stripe and Visa, the latter of which Allium assisted in launching the Visa Onchain Analytics Dashboard. Among its crypto-native clients are the Uniswap Foundation and Solana wallet provider Phantom.

Allium Secures $16.5 Million in Series A Funding to Expand Blockchain Data Infrastructure

Cuy Sheffield, head of Visa Crypto, expressed enthusiasm for the partnership: “[W]e look forward to continuing to iterate on our dashboard and metrics with partners like Allium to help our clients as they explore use cases and opportunities for stablecoins in the payment ecosystem.”

Allium’s suite of data products spans 23 blockchains, with support extending to over 40 when including various EVM layer 2s and other chains. Key products include the Allium Explorer, a visual interface for data exploration, and Allium Developer APIs, which provide data ingestion tools for applications.

Additionally, Allium offers tools to monitor decentralized exchange, NFT, and stablecoin trading data, along with accounting and auditing services. The company has aided over 100 businesses in building custom data schemas and supported projects like Wormhole and Jito Labs with airdrop distributions.

“As crypto adoption continues to accelerate, developers are running into significant challenges ensuring their applications have reliable access to fresh data. Given how complex and fast-changing this data is, building even the most simple analytics application is far from easy,” noted Bucky Moore, partner at Kleiner Perkins.

Key Takeaways:

Series A Funding: Allium raised $16.5 million, led by Theory Ventures, with participation from Kleiner Perkins and Amplify Partners.
Expansion Plans: Funds will be used to enhance data infrastructure and support financial institutions embracing digital assets.
Major Collaborations: Allium partners with Stripe and Visa, among others, to provide advanced blockchain data solutions.
Comprehensive Data Products: The platform supports over 40 blockchains and offers tools for data exploration, trading data monitoring, and auditing services.
Developer Challenges: The rapid adoption of crypto presents challenges in data reliability, which Allium aims to address with its advanced solutions.

Allium’s continued growth and development highlight its pivotal role in the evolving landscape of blockchain data infrastructure, catering to the increasing needs of both traditional financial institutions and emerging crypto-native platforms.