Blockchain developer Alchemy has announced that it has raised $ 80 million in a Series B round to further develop platforms for non-fungible token marketplaces.
The financing round announced on Wednesday April 28th was led by technology-oriented investment manager Coatue and Addition Capital, a venture fund of American investor Lee Fixel.
The Glazer family, which owns the Tampa Bay Buccaneers and Manchester United, as well as the VC company DFJ Growth, which has also invested in Coinbase, SpaceX and Stripe, also took part in the round.
The Chainsmokers band and actor Jared Leto also contributed to the funding round, which brings Alchemy’s valuation to $ 500 million. Existing supporters include Pantera Capital, Coinbase, Samsung, Stanford University and a number of high profile personalities such as Charles Schwab and Yahoo co-founder Jerry Yang.
According to CNBC, Alchemy has benefited from the NFT craze as it acts as an intermediary between the blockchain itself and the apps and NTF collections running on it. Alchemy, which launched in December 2019, has seen exponential growth of 97x on its platform over the past eight months, and the number of companies it operates doubled in the first quarter.
The company developed the platform for Dapper Labs, which in turn launched some of the most successful NFT collections, including CryptoKitties and the popular NBA Top Shot. Alchemy was also involved in digital artist Beeple’s record breaking NFT, which sold for $ 69 million in March.
The company’s developer platform aims to remove the complexity and cost of building an infrastructure at the blockchain level. Joe Lau, CTO of Alchemy, compared the technology to Amazon’s AWS, the backbone of Internet cloud services:
“Every time you open DoorDash, you’re using Amazon’s infrastructure. Every time you interact with an NFT, you’re using alchemy. It’s powered by Alchemy under the hood.”
Paul Veradittakit of Pantera Capital also described Alchemy as “Amazon Web Services (AWS) of the blockchain industry,” which enables the vision of a decentralized web.
According to the official website, Alchemy has quickly become the technology behind many major NFT platforms, including OpenSea, Nifty Gateway, CryptoKitties, and Gods Unchained. The company agrees with the AWS analogy, stating:
“Just as AWS provides the platform for Uber, Netflix and much of the tech industry, Alchemy supports the infrastructure for many large companies in the blockchain industry.”
The company plans to use the funds to support new chains with its developer platform and expand its employee base, which currently consists of a team of just 22 people.
In late March, Alchemy partnered with the Flow blockchain to expand its reach to the burgeoning NFT ecosystem.