US-based blockchain infrastructure technology developer Alchemy emerged from stealth yesterday with $15m in series A funding from investors including consumer electronics producer Samsung and digital currency exchange operator Coinbase.
The round was led by investment firm Pantera Capital and included Stanford University and its StartX accelerator in addition to SignalFire, Mayfield Fund, Kenetic, Dreamers VC and assorted angel investors.
Founded in 2017, Alchemy has created a development protocol that enables enterprises to build blockchain-powered software applications for use in industries including finance, healthcare, gaming and entertainment.
The protocol is pitched as facilitating accelerated and empowered delivery of the blockchain while also helping to reduce costs. Alchemy intends to spend the series A money on pursuing international expansion.
The original version of this article appeared on our sister site, Global University Venturing.