Allium, an enterprise blockchain data platform, has recently secured Series A funding led by Theory Ventures to enhance services for financial institutions and partners like Visa. Seed investors Kleiner Perkins and Amplify Partners also participated. Tomasz Tunguz, Founder of Theory Ventures, will join the board. This brings Allium’s total capital raised to $21.5 million.
Allium will use the new capital to enhance its data infrastructure and scale its go-to-market strategy. The company aims to offer launchpads for financial institutions embracing digital assets, payment providers, brokerages, and blockchain ecosystems for builders.
Led by CEO and Co-Founder Ethan Chan, Allium provides enterprise-grade, quick, and simple blockchain data. Leading institutions and companies like Visa, Stripe, Uniswap Foundation, and Phantom rely on Allium to answer strategic questions, identify investment and growth opportunities, and manage business reporting and power applications.
“Allium exists to drive trust and transparency in blockchain, to help people understand and build with full confidence,” said Ethan Chan, CEO and Co-Founder of Allium.
“Currently, something as essential as accurately tracking digital currency volumes requires continually normalizing data across 40+ blockchain networks and parsing thousands of smart contracts, equating to petabytes of data. Our goal is that our customers never need to worry about any of this and can instead focus on asking great questions and building great things,” added Ethan Chan.
Allium’s Product Offerings
Allium’s suite of data products covers over 40 blockchains and over 100 schemas. The platform offers two APIs: Allium Explorer and Allium Developer. Allium Explorer provides intuitive query and visualization interfaces for data discovery, investment and market research, financial accounting, and auditing. Meanwhile, Allium Developer provides real-time APIs and data ingestion tools for high-performance applications and workflows.
“As crypto adoption continues to accelerate, developers face 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,” said Bucky Moore, Partner at Kleiner Perkins and Allium Board Observer.
“Allium’s team has deep expertise building and operating real-time data pipelines and has leveraged that expertise to build what is now the industry-leading real-time blockchain data platform for enterprises,” Kleiner Perkins.
Market Growth and Importance
From 2019 to May 2024, digital dollars on blockchains via USDT and USDC grew from under $500 million to over $145 billion. With blockchain adoption increasing and networks proliferating, the volume and complexity of blockchain data have surged. Allium addresses this challenge by providing unparalleled data quality and delivery.
Allium recently demonstrated its commitment to trust and transparency by providing relevant data to Visa for the launch of the Visa Onchain Analytics Dashboard.
“At Visa, we seek to both better inform our clients of how people and businesses are using stablecoins for transactions that may be outside of crypto trading activity and also help inform our work with partners to develop products designed to better serve our clients,” said Cuy Sheffield, Head of Visa Crypto.
“The Visa OnChain Analytics Dashboard is designed to enable our clients to better understand this activity, and we 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,” said Cuy Sheffield.
Allium’s Tailored Solutions
Allium offers tailored enterprise solutions based on customers’ desired blockchains, schemas, freshness, and delivery methods for maximum convenience. For instance, leading blockchain wallet provider Phantom uses Allium’s data platform to fetch fresh transactions and metrics, serving millions of requests in real-time.
“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. As more assets move to blockchains, Allium will become the company that provides the data necessary to foster broader adoption and additional innovative uses of blockchains and tokens,” said Tomasz Tunguz, Founder of Theory Ventures.
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