Allium Raises $16.5M to Enhance Blockchain Data Solutions for Financial Institutions

Blockchain data provider Allium has secured $16.5 million in a Series A funding round led by Theory Ventures.

Allium, a New York-based database startup specializing in blockchain data querying, has raised $16.5 million in its Series A funding round, significantly bolstering its infrastructure capabilities.

In a press release issued Thursday, Allium revealed that this latest funding round brings the company’s total capital raised to $21.5 million. The round was spearheaded by Theory Ventures with additional participation from Kleiner Perkins and Amplify Partners. As part of the agreement, Theory Ventures founder Tomasz Tunguz will join Allium’s board of directors. The post-funding valuation of the company remains undisclosed.

Founded in 2019, Allium has garnered support from prominent industry players, including Stripe, Visa, the Uniswap Foundation, and Phantom. The company enables businesses to query data from over 40 blockchains, utilizing more than 100 schemas.

The startup highlights the complexity and sheer volume of blockchain data as a significant challenge, making it difficult to analyze and report on blockchain activities. Allium co-founder and head Ethan Chan emphasized the company’s mission to simplify this process by normalizing data across multiple blockchains and processing thousands of smart contracts, which translates to petabytes of data.

With the new funding, Allium intends to expand its data infrastructure and scale its go-to-market strategy. The company aims to offer launchpads for financial institutions seeking to adopt digital assets, in addition to supporting payment providers, brokerages, and blockchain ecosystems for developers.

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