Alchemy secures USD 80 million during Series B funding, eyes expansion

Alchemy Insights Inc., a leading blockchain development platform, has reportedly bagged USD 80 million during a Series B funding round which was led by Coatue and Addition, the two New York-based venture capital firms, as well as Lee Fixel’s new fund.

Other participants that were involved in the funding round included DFJ Growth, the Chainsmokers, K5 Global, the Glazer family, and actor Jared Leto. Existing investors such as Jerry Yang, Coinbase, Pantera capital, and Samsung among others had also participated in Alchemy’s funding round.

For those unversed, Alchemy specializes in developing backend technology for the blockchain industry. It had gone public at a valuation of USD 505 million within eight months and claims to have powered around USD 30 billion transactions for several users across the globe.

Alchemy is known to power most of the NFT industry as well. Reportedly, the company has grown eight times since it had signed the Series B term sheet.

Alchemy had previously managed to raise approximately USD 15.5 million, with the latest funding bring the total amount to USD 95.5 million since its inception in 2017, cited sources aware of the development.

The company intends to be the starting point for developers who are looking to create a product based on blockchain or its subsequent applications. Alchemy’s renowned developer platform helps in removing the costs and other complexities associated with building relevant infrastructure.

The startup powers various transactions for multinational organizations, decentralized finance projects, as well as financial institutions and exchanges. It is known to become the technology behind every prominent NFT platform such as CryptoPunks, SuperRare, Nifty Gateway, OpenSea, and MakersPlace.

Alchemy intends to use fresh investments to expand its popular developer platform to new blockchain applications as well as to open new offices. The company is currently based in San Francisco and is reportedly planning to open a new office in New York.

Source Credits –

https://techcrunch.com/2021/04/28/alchemy-raises-80m-at-a-505m-valuation-to-be-the-aws-for-blockchain/