Alchemy Reaches Unicorn Status After $250M Series C
- Alchemy claimed the last six months have been incredibly profitable for the company, as it experienced a 15x increase in its revenues.
- The new funds will be used to expand access to its tools, build new educational resources, as well as open new offices in the U.S. and outside.
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Blockchain infrastructure provider Alchemy has reached the unicorn status after its $250 million Series C funding round brought its valuation to around $3.5 billion, Alchemy said in a press release on 28 October.
According to the announcement, the Series C was led by Andreessen Horowitz (a16z) and saw participation from new investors Lightspeed Venture Partners and Redpoint, as well as returning investors Coatue, Addition, DFJ, and Pantera Capital. The startup was previously valued at $505 million, after its $80 million Series B round in late April. Ali Yahya, general partner at Andreessen Horowitz, said in a statement:
“Alchemy is growing at a staggering pace because it offers developers a platform for building web3 applications that is reliable, scalable, and easy to use. Under Nikil and Joe’s leadership, Alchemy has stayed ahead of the curve and is doing as much as any company to drive mainstream adoption of web3.”
Founded in 2017, the company did not release its products until 2020, when it started offering developers a range of software tools that help with node management, handling the communication within a blockchain, as well as its Alchemy Monitor that enables developers to view the functionality of apps built on their networks. Alchemy’s team of 37 employees now service clients from every major non-fungible token (NFT) platform, UNICEF, Adobe, and PricewaterhouseCoopers. The company has also claimed that over the last six months it has experienced an incredible growth, seeing a 15x increase in its revenues.
The newly acquired funds will enable Alchemy to “reinvest in growth”, and making blockchain development accessible globally. The company will not only expand access to its tools for all developers, but also build new educational resources to onboard new developers to Web3, continue strengthening its infrastructure, as well as open new offices in the U.S. and outside.
- The popular web3 wallet has partnered with NFTBank, a firm building NFT price-tracking tools, in order to make the new feature possible.
- NFTBank claims it can offer over 90% accuracy on its prediction thanks to its machine learning algorithm that takes into account floor price, rarity, and bid/ask distribution for NFTs.
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- The “Blockchain Node Engine” was designed to be a fully managed service that would help Web3 developers build and deploy new products for the blockchain.
- It features a number of security features, such as Google’s Cloud Armor that helps prevent DDos attacks from slowing down a network.
- Google Cloud will enable crypto payments early next year, though the feature will initially be available only to a select group of customers already active in web3.
- As part of the deal, Coinbase has agreed to move some of its data-related applications from Amazon Web Services to Google Cloud.