Allium, an enterprise-grade blockchain data platform, has successfully closed a $16.5 million Series A funding round, spearheaded by Theory Ventures, according to a recent press release.

Strong Investor Interest and Strategic Expansion

Previously, Allium garnered $5 million in pre-seed and seed funding from prominent investors, including Kleiner Perkins and Amplify Partners, who also participated in this latest round. The resurgence of institutional and investor interest in cryptocurrencies, fueled by the advent of spot Bitcoin exchange-traded funds and the burgeoning tokenized Treasury bond market, creates a fertile environment for companies like Allium to scale their operations.

“The demand for cryptocurrencies and tokens is just beginning. Allium powers numerous prominent applications within this emerging asset class, such as payment providers, brokerages, and blockchain ecosystems for developers,” stated Tomasz Tunguz, founder of Theory Ventures.

Read more: SendBlocks Catalyzes a New Era in Blockchain Data Management with $8.2M Seed Investment

Capital Allocation for Infrastructure Enhancement

Allium intends to utilize the newly acquired capital to bolster its data infrastructure, including the development of launchpads tailored for financial institutions seeking to adopt digital assets. The firm’s existing collaborations with Stripe and Visa, the latter of which leveraged Allium’s expertise for the launch of the Visa Onchain Analytics Dashboard, underscore its pivotal role in the digital finance ecosystem. Additionally, Allium serves crypto-native clients such as the Uniswap Foundation and major Solana wallet provider Phantom.

“We look forward to continuing to refine our dashboard and metrics with partners like Allium to assist our clients in exploring stablecoin use cases within the payment ecosystem,” remarked Cuy Sheffield, head of Visa Crypto.

Comprehensive Data Solutions Across Multiple Blockchains

Allium’s suite of data products spans 23 blockchains, extending to over 40 when including various EVM layer 2s and other chains, as detailed on its website. The offerings encompass the Allium Explorer and Allium Developer APIs, providing visual data interfaces and data ingestion tools for applications, respectively.

In addition to these, Allium offers robust tools for tracking decentralized exchange, NFT, and stablecoin trading data, alongside accounting and auditing services. The platform has facilitated the development of custom data schemas for over 100 companies and supported projects like Wormhole and Jito Labs with their airdrop distributions.

“As crypto adoption accelerates, developers face significant challenges in ensuring their applications have reliable access to up-to-date data. Given the complexity and rapid evolution of this data, constructing even basic analytics applications is exceedingly challenging,” noted Bucky Moore, partner at Kleiner Perkins.

With this substantial financial backing, Allium is poised to further cement its position as a crucial player in the blockchain data space, driving innovation and supporting the expansion of the digital asset ecosystem.