Allium Inc, an enterprise in blockchain data delivery, today announced a successful early-stage funding round of $16.5m.
According to Silicon ANGLE, this significant investment will enable the company to expand its infrastructure and enhance service offerings to a broader array of financial institutions in the burgeoning digital asset space.
Joining Theory Ventures in this financial endorsement were existing investors Kleiner Perkins and Amplify Partners. The Series A funding round brings Allium’s total raised funds to $21.5m, following a seed round in 2022.
Allium’s platform is expertly designed to provide enterprise-grade data solutions that cater to financial institutions and companies. This platform allows for the seamless analysis and interaction of blockchain data, making it as accessible and usable as traditional databases for applications and reporting purposes.
The challenge of blockchains acting like giant databases but functioning as complex software systems is where Allium excels. The company’s deep expertise in technical outputs of smart contracts, tokens, nonfungible tokens, stablecoins, and other blockchain-based industries enables it to standardise and demystify blockchain systems.
Allium co-founder and CEO Ethan Chan emphasised the company’s mission, “Allium exists to drive trust and transparency in blockchain, to help people understand and build with full confidence.” He noted the complexities involved in tracking digital currency volumes, which require continuous data normalization across numerous blockchain networks and the parsing of thousands of smart contracts.
The Allium platform offers two distinct application programming interfaces: the Allium Explorer for data querying and visualization, and the Allium Developer for real-time data ingestion, catering to high-performance applications. This technology supports major FinTech customers including Visa Inc. and Stripe Inc., along with blockchain entities like Uniswap Labs and Phantom.
Recently, Allium partnered with Visa to supply crucial data for the launch of the Visa Onchain Analytics Dashboard, aimed at providing insights into stablecoin usage beyond mere crypto trading activities.
With the new funding, Allium plans to enhance its data infrastructure further and develop platforms for financial firms such as payment providers and brokerages to facilitate their entry into the market of digital currencies, virtual assets, and tokens.
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