Stripe’s data partner Allium raises $16.5m to offer launchpads for financial institutions

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

Allium, a database startup enabling enterprises to query blockchain data, has raised $16.5 million in its Series A funding round to enhance its infrastructure.

In a Thursday press release, the New York-headquartered firm announced that this funding, which brought the company’s total capital raised to $21.5 million, was led by Theory Ventures with additional support from Kleiner Perkins and Amplify Partners. As part of the deal, Theory Ventures founder Tomasz Tunguz will join Allium’s board of directors. The company’s valuation following this round remains undisclosed.

Founded in 2019, Allium boasts support from major industry players such as Stripe, Visa, the Uniswap Foundation, and Phantom. The company provides businesses with the capability to query data from over 40 blockchains, utilizing more than 100 schemas.

The startup notes that the amount and complexity of blockchain data “makes it tedious and technically challenging to understand and report blockchain activity,” which is what Allium co-founder and head Ethan Chan says the company is trying to solve by normalizing data across multiple blockchains and processing thousands of smart contracts “equating to petabytes of data.”

With the latest funding round, Allium plans to use the proceeds to expand its data infrastructure and scale its “go-to-market motion to offer launchpads for financial institutions seeking to embrace digital assets, as well as payment providers, brokerages, and the blockchain ecosystems for builders.”