Alchemy, which is becoming the Amazon Web Services of the blockchain world has recently managed to raise $80 million in a funding round co-led by Coatue Management. Powering most of the decentralized finance and almost all the non-fungible token platform giants Alchemi closes the funding round at a $505M valuation.
Alchemy Closes $80M in Funding Round Co-led by Coatue Management
Nikil Vishwanathan, the CEO of the firm revealed that the omnipresent infrastructure of Alchemy and the developer platform has developed since its public launch eight months ago to reach a valuation of $505 million.
Coatue Management which co-led the funding round is a tech investment manager which is led by hedge fund maven Philippe Laffont.
In addition to this, Coatue led a funding round of $305 million in the month of March for one of the customers of Alchemy, Dapper Labs.
‘Addition’, the $1.4 billion funds that were launched by the tech investor Lee Fixel last year was also involved in the Alchemy round.
The Glazer Family, the owner of the Manchester United soccer team, and The Chainsmokers, the electro-pop duo are also included in the list of significant contestants in the funding round.
Powerful Role in Pushing Forward the Pace of Innovation
In recent memory, the funding round in Alchemy is representing one of the larger blockchain infrastructure bets.
The Series B funding round that has brought the total funding of Alchemy to a total of $96 million, also included investors like Communitas Capital, Coinbase Ventures, and Stanford University.
Lee Fixel revealed in an email that:
“Alchemy has created the essential infrastructure needed to develop applications on top of the blockchain.”
In addition to this, he said:
“They will play a powerful role in pushing forward the pace of innovation in the blockchain ecosystem in the years ahead.”
Vishwanathan said addressing the need for development platform layer:
“Whenever you have a new industry, whether it’s a computer or the internet or blockchain, you always need this developer platform layer.”