Allium Secures $16.5 Million in Series A Funding to Expand Blockchain Data Solutions
Allium, a prominent blockchain data platform, has successfully closed a $16.5 million Series A funding round led by Theory Ventures. The company plans to use the capital to broaden its services, particularly for businesses aiming to enter the digital asset space.
Previous investors Kleiner Perkins and Amplify Partners also participated in this latest round. Kleiner Perkins led Allium’s Seed round in 2022, during which the platform established itself as a trusted resource for major clients like Visa, Stripe, Brevan Howard Digital, and Phantom. As of May 2024, the total value held in primary stablecoins, Circle (USDC) and Tether (USDT), has surged to $145 billion from just $500 million at the end of 2019. This growth has led to an increase in data volumes and various use cases, including analytics, investment research, anti-money laundering, payments, and NFTs.
Allium addresses the challenges developers face when working with blockchain data. While blockchains are designed for data entry, efficiently reading that data can be complex. Allium simplifies this by offering a comprehensive historical view of asset activity, updated in real time and presented in an easily queryable format. Clients use this data to answer critical business questions, uncover new investment opportunities, manage risks, and develop new applications.
Founded by Ethan Chan and Cheng Han Lee, who have extensive experience building real-time data and machine learning pipelines at companies like Meta and Poynt, Allium aims to become the “Google” for crypto data.
With renewed institutional interest in cryptocurrency following the launch of spot bitcoin exchange-traded funds (ETFs) and the expansion of the tokenized Treasury bond market, now is seen as a prime opportunity for companies like Allium with strong product-market fit to grow. “The demand for cryptocurrencies and tokens is just beginning. Allium supports many of the most popular applications in this emerging asset class,” said Tomasz Tunguz, founder of Theory Ventures.
The newly raised funds will be used to enhance Allium’s data infrastructure, including the development of platforms for financial institutions adopting digital assets. Allium has already partnered with Stripe and Visa to launch the Visa Onchain Analytics Dashboard. Notable crypto-native clients include the Uniswap Foundation and Phantom, a leading Solana wallet provider. “We look forward to enhancing our dashboard and metrics with partners like Allium to support our clients exploring stablecoin opportunities in the payments ecosystem,” stated Cuy Sheffield, head of Visa Crypto.
According to its website, Allium’s data products cover 23 blockchains (over 40 when including various EVM layer 2s and other chains). The offerings include the Allium Explorer and Allium Developer APIs, which provide visual data exploration tools and ingestion capabilities for applications. The company also offers tools for tracking decentralized exchange, NFT, and stablecoin trading data, alongside accounting and auditing services. Allium has aided over 100 companies in developing custom data schemas and supported projects like Wormhole and Jito Labs with their airdrop distributions. “As crypto adoption accelerates, developers face significant challenges in accessing reliable, up-to-date data. Given the rapid evolution of this landscape, building even simple analytics applications is quite complex,” noted Bucky Moore, partner at Kleiner Perkins.
