Allium, a leading blockchain data platform for enterprises, announced that it raised a $16.5 million Series A funding round led by Theory Ventures with participation from seed investors Kleiner Perkins and Amplify Partners. Tomasz Tunguz, Founder of Theory Ventures, will join the board as part of its investment. This brings the total funding raised to $21.5 million.
Allium offers enterprise-grade and simple blockchain data for leading institutions and companies like Visa, Stripe, Uniswap Foundation, and Phantom to easily answer strategic questions, identify investment and growth opportunities, manage business reporting, and power their applications.
Between the beginning of 2019 to May 2024, the amount of digital dollars on blockchains via USDT and USDC alone grew from under $500 million to over $145 billion. And with this increase in blockchain adoption and the proliferation of different blockchain networks, data volume has surged exponentially.
The sheer amount and complexity of blockchain data now makes it tedious and technically challenging to understand and report blockchain activity, invest in blockchain opportunities, and build blockchain products. And Allium solves this through its unparalleled data quality and delivery.
Allium recently showcased this commitment to trust and transparency in its recent provisioning of relevant data to Visa for Visa’s launch of the Visa Onchain Analytics Dashboard.
Allium plans to use the new Series A funding round to invest in data infrastructure and scale its GTM motion to offer launchpads for financial institutions seeking to embrace digital assets, and payment providers, brokerages, and the blockchain ecosystems for builders.
With coverage of 40+ blockchains and over 100 schemas, Allium’s suite of data products easily provides blockchain data wherever and however customers need it by developing two APIs: Allium Explorer and Allium Developer. And Allium Explorer provides intuitive query and visualization interfaces for data discovery, investment and market research, financial accounting and auditing, while Allium Developer provides real-time APIs and data ingestion tools to power high-performance applications and workflows.
For maximum convenience and flexibility, Allium also provides tailored enterprise solutions according to customers’ desired blockchains, schemas, freshness, and delivery methods. For instance, leading blockchain wallet provider Phantom utilizes Allium’s data platform for fetching fresh transactions and metrics to serve millions of requests in real time.
KEY QUOTES:
“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. 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.”
– Cuy Sheffield, Head of Visa Crypto
“Allium exists to drive trust and transparency in blockchain, to help people understand and build with full confidence. 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.”
– Ethan Chan, CEO and Co-Founder of Allium
“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.”
– Tomasz Tunguz, Founder of Theory Ventures
“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. 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.”
– Bucky Moore, Partner at Kleiner Perkins and Allium Board Observer
