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

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

Allium, a database startup that allows businesses to query blockchain data, has raised $16.5 million in a Series A funding round to develop its infrastructure.

The New York-based firm announced in a press release on Thursday that the financing, which brings the company’s total capital 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 after this round has not yet been disclosed.

Founded in 2019, Allium has the backing of major industry players like Stripe, Visa, Uniswap Foundation, and Phantom. The company enables businesses to query data from over 40 blockchains using over 100 schemas.

The startup notes that the amount and complexity of blockchain data “makes understanding and reporting blockchain activity tedious and technically challenging.” Allium co-founder and president Ethan Chan says the company is trying to solve this by normalizing data across multiple blockchains and processing thousands of smart contracts “equivalent to petabytes of data.”

Allium plans to use the proceeds from its latest funding round to expand its data infrastructure and scale its “go-to-market movement to deliver launch pads to enable financial institutions to adopt digital assets, payment providers, brokers, and builders to adopt blockchain ecosystems.”