Allium raises $40M Series B led by Amplify Partners
What's the deal? New York-based crypto analytics startup Allium has raised $40 million in a Series B round led by Amplify Partners, with Kleiner Perkins and Theory VenturesDealroom has a profile for this one. Try Dealroom → joining.
The company cleans and organises hard-to-read blockchain data for institutional clients. Cofounder and chief executive officer Ethan Chan declined to disclose the valuation.
Why now? Chan says institutional interest has never been higher, with players like VisaDealroom has a profile for this one. Try Dealroom → and the Federal Reserve citing Allium's data.
Wall Street firms are diving into blockchain, and Chan argues the rise of AI makes clean data more valuable than ever.
Before founding Allium in 2021 with cofounder Cheng Han Lee, Chan studied AI at Stanford University. There he learned that models live or die on data quality.
"It goes back to the lessons that I learned from machine learning," he said. "You have to control the data source."
What could go wrong? The analytics landscape is fraught. A recent downturn has more than halved Bitcoin's price since October, squeezing rivals.
In May, Dune Analytics, valued at $1 billion in 2022, laid off 25% of its staff. A month later, Blockworks acquired competitor Messari for more than $10 million — a steep discount to its roughly $300 million valuation in 2022.
The signal: Dealroom still classifies Allium as an early-stage company, yet this Series B — backed by investment funds Amplify Partners, Kleiner Perkins, and Theory Ventures — signals that investors see room to grow even as a downturn culls rivals like Dune Analytics and Messari. The bet is that owning the data layer beneath crypto's institutional wave, and eventually AI-driven payments, will separate the survivors from the casualties.
Read more: Fortune
Image credit: Courtesy of Allium
